On Thursday, Standard & Poor’s announced that it downgraded Hartford’s bond rating from an "A+" to a “BBB.”
The drop means Hartford's economic situation is worse than previously thought.
Hartford Mayor Luke Bronin said the rating agency’s action reflects that the city “can’t cut or tax its way out of this challenge by itself.”
He released a statement that said "When governments are in fiscal crisis, one approach is to hide it or minimize it just to buy a little more time. That’s what Hartford did for many years. That’s not the approach I take. We're opening the books and telling the real story, because that’s the only way we’re going to be able to make real and lasting change. We can put Hartford and the capital region on a path to fiscal health and economic growth, but it’s going to take everyone coming together – in Hartford, the region and the state – to face the realities that we need to face. The rating agency action reflects what I’ve been saying for many months, which is that the City of Hartford can’t cut or tax its way out of this challenge by itself."
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