NEW YORK--(BUSINESS WIRE)--Kroll Bond Ratings Agency (KBRA) has assigned a long-term rating of AA with a stable outlook tothe State of Connecticut’s $22 million General Fund Obligation Bonds 2014 Series A issued by Connecticut Innovations, Incorporated. In addition, KBRA affirms the long-term rating of AA with a stable outlook on the State’s outstanding General Obligation Bonds, excluding Bonds backed by a letter of credit or liquidity facility. After issuance of these Bonds, the State’s outstanding general obligation debt will total approximately $16.1 billion.

The rating is based on KBRA’s U.S. State General Obligation Rating Methodology published on March 28, 2012. The 2014 Series A Bonds are special obligations of Connecticut Innovations, Incorporated, as issuer, secured solely by amounts equal to principal and interest on the Bonds which are deemed appropriated from the State General Fund and paid by the State Treasurer to the bond trustee, pursuant to Connecticut General Statutes 32-285 (TIF Act). In the opinion of bond counsel, this appropriation and payment from the General Fund does not require further legislative or administrative approval. The issuance of the Bonds under the program established by the TIF Act is subject to approval of the State Bond Commission; approval was granted on September 27, 2013. The State Treasurer also approves the issuance of the Bonds at the time of the signing of the bond purchase agreement. KBRA views the obligation of the State to pay debt service on the 2014 Series A Bonds as tantamount to the general obligation security of the State, based on State statutes which provide that amounts required for payment of debt service are deemed appropriated from the State General Fund and paid by the State Treasurer, when due. This security does not constitute a full faith and credit of the State, however, General Obligation debt service of the State is also deemed appropriated from the General Fund, without further action by the State Legislature.

Please use the following links to view KBRA’s full report on the State:State of Connecticut General Fund Obligation 2014 Series A, Issued by Connecticut Innovations, Incorporated

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