HARTFORD, Conn. (CBS Connecticut) – Hartford Mayor Luke Bronin said Wednesday that it should be no surprise that the credit rating agency S&P has downgraded the city’s bonds to “junk” status, given the city’s financial woes.
Bronin says the downgrade doesn’t change much about how Hartford operates in the short term. “What we have been doing is operating the city at what we believe a responsible level of service, given the crisis that we face,” he said.
Bronin notes Moody’s had already downgraded the city’s credit rating and that Hartford’s financial problems are only worsened by the lack of a state budget.
Last week, the city hired a law firm that specializes in restructuring and bankruptcy, in an effort to bring bondholders to the table.