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Hartford Debt Dropped to Junk Status by Standard & Poor's
Hartford Courant ^ | 12 July 2017 | Dan Haar

Posted on 07/12/2017 11:05:48 AM PDT by Lorianne

Hartford has hired a lawyer as city officials begin navigating the complex system of bankruptcy. The city is facing a $65 million shortfall this year and it remains unclear whether it will receive any additional state aid.

Standard & Poor's downgraded Hartford debt to junk bond status late Tuesday, less than a week after the financially troubled capital city hired a New York law firm with expertise in restructuring municipal finances.

The Wall Street ratings agency downgraded most city of Hartford outstanding debt to BB, a level that's classified as speculative, also known as non-investment-grade, or junk, from BBB-. That reflects a strong possibility that Hartford could default on its debt or renegotiate it to pay bondholders less money.

The move, announced on the S&P website just after 4 p.m., follows a series of downgrades by ratings agencies over the last year, as Mayor Luke Bronin has warned that Hartford could file for bankruptcy protection if it doesn't receive tens of millions of dollars in additional aid from the state and concessions from unions.

Moody's Investors Service downgraded Hartford bonds last October to Ba2, which is similar to S&P's BB — non-investment grade, aka junk.

(Excerpt) Read more at courant.com ...


TOPICS: Business/Economy; US: Connecticut
KEYWORDS: bankruptcy; bonds; connecticut; hartford
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1 posted on 07/12/2017 11:05:49 AM PDT by Lorianne
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To: Lorianne

The news would make Chicago happy


2 posted on 07/12/2017 11:11:11 AM PDT by Lee25
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To: Lorianne

Running out of other people’s money?


3 posted on 07/12/2017 11:13:24 AM PDT by Dapper 26
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To: Lorianne

Very sad for a state that was such an important part of our industrial growth and national defense. The price of liberal politics.


4 posted on 07/12/2017 11:17:17 AM PDT by Malcolm Reynolds
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To: Lorianne; ExTexasRedhead

As always a bunch of Effing New York Lawyers are the only one’s who make out. RAT-run cities, counties and states use up ALL of OTHER PEOPLE’S MONEY, then they compound the problem by hiring a bunch of shyster lawyers to “restructure” the “un-restructurable.” The re-structuring needs to include substantial haircuts for pension benefits that are, and always have been unrealistic. “Public Service Employees” have to come to the realization that their “services” costs are THE Problem. I think we can look forward to everything that the RAT have run, to be heading for bankruptcy. We have too much “foreign aid” money going out to ungrateful and unworthy countries, and at the same time, we have too much “domestic aid” going to public employees. Gravity cannot be denied forever!


5 posted on 07/12/2017 11:18:20 AM PDT by vette6387
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To: Lorianne

Maybe they can borrow some money from Puerto Rico.


6 posted on 07/12/2017 11:19:51 AM PDT by blueunicorn6 ("A crack shot and a good dancer")
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To: vette6387

Democrats FU everything they touch.


7 posted on 07/12/2017 11:27:07 AM PDT by Bonemaker
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To: Lorianne

That’s not possible - what with all the “investment” the gov’t makes in its population. /s


8 posted on 07/12/2017 11:33:55 AM PDT by P.O.E. (Pray for America)
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To: vette6387

yup - the problem is nearly 100% post-retirement benefits


9 posted on 07/12/2017 11:38:55 AM PDT by vooch (America First)
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To: vooch

This is Hartford, not The Hartford.


10 posted on 07/12/2017 11:41:00 AM PDT by Lisbon1940 (No full-term Governors (at the time of election!)
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To: Bonemaker; ExTexasRedhead

“Democrats FU everything they touch.”

Yes, and I marvel that they have been able to keep kicking the can down the road semi-successfully for my entire life. That said, I think we are nearing the end of “the can kicking phase” of leadership. What we need is for Illinois followed by California going bankrupt. As a life-long Californian, I hope I live to see the day when California goes bust, because I want my children and their children to have th kind of life I’ve had for most of it here. Time was when California was the envy of the nation ( and Ronald Reagan was our governor ). We were #1 in any category you can name, now thanks to the RATs, were somewhere around #48. And a final note to those people who think it can’t happen where you are living, buy a clue, it can and most likely will, because “free $hit” conquers RINOs too.


11 posted on 07/12/2017 11:53:41 AM PDT by vette6387
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To: Lorianne

http://www.courant.com/community/hartford/hc-hartford-sp-junk-bond-downgrade-20170711-story.html


12 posted on 07/12/2017 12:08:28 PM PDT by Ray76 (DRAIN THE SWAMP)
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To: Lorianne

A week ago Illinois, New Jersey, and another state appeared to be in dire straits; debt downgrades imminent. Then we hear nothing and it seems business as usual.

Did I miss a bailout or something?

However they did it I assume Hartford will want the same deal.


13 posted on 07/12/2017 12:41:30 PM PDT by MichaelCorleone (Jesus Christ is not a religion. He's the Truth.)
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To: Lorianne

The drunken Lords have run out of other people’s money.


14 posted on 07/12/2017 12:50:29 PM PDT by fella ("As it was before Noah so shall it be again,")
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To: Lorianne

Hartford is only 20 square miles, so I’m glad they (Hartford) don’t have 300 square miles, like some cities...


15 posted on 07/12/2017 2:28:47 PM PDT by ConservaTeen (Islam is Not the Religion of Peace, but The religion of Pedophilia...)
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To: Lee25

“The news would make Chicago happy”

No.
Apples and oranges.

Hartford has an ‘excuse’.
Chicongo, not so much.

59% of Hartford real estate is untaxed because the owners are tax exempt.

Yes, they receive some offsets but not that much.


16 posted on 07/12/2017 2:35:12 PM PDT by DUMBGRUNT (GO TRUMP!)
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To: Lorianne

State of Connecticut - ain’t got enough money to pay it’s bills. Too bad, Hartford - this is what happens in states that have elect democrats for years.


17 posted on 07/12/2017 5:01:23 PM PDT by KosmicKitty (Waiting for inspiration)
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To: Lorianne

Unions and teachers are destroying the Nutmeg State.


18 posted on 07/12/2017 5:11:02 PM PDT by montag813
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To: Malcolm Reynolds
Very sad for a state that was such an important part of our industrial growth and national defense. The price of liberal politics.

CT's current governor pushed out the two remaining firearms makers.

19 posted on 07/12/2017 5:12:17 PM PDT by montag813
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To: KosmicKitty

The only place I’ve been in 20+ years where I had to go up the mobile stairs on the tarmac to board my commercial airliner.

Hartford, Connecticut. This was in the 1990’s.

Pretty area though. I noticed all the “soccer-ball domes” at a company or two.....as I drove through nice country areas.


20 posted on 07/12/2017 5:32:27 PM PDT by SaveFerris (Luke 17:28 ... as it was in the days of Lot; they did eat, they drank, they bought, they sold ....)
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