On the heels of Standard & Poor’s downgrading Hartford’s bond rating last month, Moody’s Investors Service also announced that it downgraded the city’s credit rating.
Moody’s said it has downgraded the city’s rating from Baa1 to Ba2.
"For many months, we’ve been shouting from the rooftops what Moody’s independent assessment reinforces today, which is that the City of Hartford cannot cut or tax its way out of a fiscal crisis that’s structural and has been decades in the making,” said Hartford Mayor Luke Bronin in a press release. “With less taxable property than small suburbs like Glastonbury or Manchester, and with more than half of Hartford’s property non-taxable, the fiscal structure is fundamentally broken."
In the report, the rating agency noted the following:
Standard & Poor issued its downgrade in September.
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