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Moody's Corporation

Wall Street Firms Give State Budget Mixed Reviews

The state's new biennial budget is getting mixed reviews from Wall Street's credit-rating agencies. The four organizations that rate Connecticut's creditworthiness praised Gov. Dannel P. Malloy and the legislature for adopting a $40.3 billion, two-year plan that is balanced — albeit "narrowly" — with few one-time revenues. But the agencies also noted that Connecticut continues to struggle with "tepid" revenue growth and a small reserve that leaves the state vulnerable to "future fiscal shocks." The agencies all reaffirmed their respective, healthy bond ratings for the state. And although Fitch Ratings upgraded its outlook for...

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