April 13, 2018 / 9:28 PM / a year ago

S&P drops Connecticut GO debt rating to 'A' from 'A-plus'

NEW YORK, April 13 (Reuters) - S&P Global Ratings on Friday downgraded Connecticut’s roughly $18.5 billion of general obligation debt outstanding to A from A-plus, citing concerns about the state’s increased debt ratio.

The New England state is one of the wealthiest in the country. But its credit rating is among the lowest due to budget problems, underfunded pensions, high debt levels and a dim economic outlook. (Reporting by Laila Kearney in New York and Karen Pierog in Chicago; Editing by Richard Chang)

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