Connecticut Bond rating cut

Fitch has downgraded Connecticut debt from AAA to AA. this will inevitably cost the state money every time it sells bonds. Rather than comment, I am going to quote the statement from the Foley campaign which pretty well sums this up:

Stamford, Conn., -- Fitch Ratings has reduced Connecticut’s bond rating to AA while Connecticut prepares to borrow $956 million to cover its budget gap. Tom Foley for Governor’s Campaign Manager Justin Clark released the following statement on the rating decrease:

“This is yet another indication that Connecticut is in a financial crisis. The Democrat controlled Legislature has built up spending in Hartford to the point that rating agencies have made a downgrade. This in turn will increase the cost of borrowing for the state, adding to its problems.

Instead of borrowing close to a billion dollars, the legislature should be in session right now figuring how to cut that same amount. Sooner or later that is the only lasting solution. Tom’s 25 years of business experience have taught him how to deal with both banks and rating agencies. He understands how the process works, and he is the only candidate for governor who can do what needs to be done to get Connecticut’s rating back up where it belongs.”