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 ...
The news would make Chicago happy
Running out of other people’s money?
Very sad for a state that was such an important part of our industrial growth and national defense. The price of liberal politics.
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!
Maybe they can borrow some money from Puerto Rico.
Democrats FU everything they touch.
That’s not possible - what with all the “investment” the gov’t makes in its population. /s
yup - the problem is nearly 100% post-retirement benefits
This is Hartford, not The Hartford.
“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.
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.
The drunken Lords have run out of other people’s money.
Hartford is only 20 square miles, so I’m glad they (Hartford) don’t have 300 square miles, like some cities...
“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.
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.
Unions and teachers are destroying the Nutmeg State.
CT's current governor pushed out the two remaining firearms makers.
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.
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