Connecticut State Treasurer Shawn T. Wooden has announced $828 million in retail orders of general obligation (GO) bonds, which breaks the record of $364 million received in retail orders last year.
The record-setting sale took place on March 27 and 28. Wooten noted that ahead of the sale, Standard & Poor”™s improved the state”™s credit outlook on GO bonds to “positive,” marking the state”™s first positive rating outlook in 18 years.
Wooden said that $306.7 million from the proceeds will be directed into local school construction, with $187.9 million going into grants to municipalities, $95 million into Clean Water Fund grants and $85.9 million for economic assistance programs. Wooten also noted that ahead of the sale, Standard & Poor”™s improved the state”™s credit outlook on GO bonds to “positive,” marking the state”™s first positive rating outlook in 18 years.
“The phrase we keep hearing from investors is that Connecticut is finally showing ”˜positive momentum,”™” Wooden said. “The overwhelming response to this sale is further proof that our efforts to improve the state”™s long-term fiscal stability is having a direct impact with concrete, measurable savings. What we must do now is seize on this moment and work collaboratively across the public and private sector to get Connecticut”™s economy growing.”
