Bankruptcy Hartford’s Best Option?September 27, 2017
In 2016, Greater Hartford's GDP remained flat - an economic reality thats unlikely to change anytime soon.
While some are actively hoping for a Hartford bankruptcy, WFSB “I-Team”, a local news source, has started to compare the capital city’s plight to that of Detroit:
The I-Team recently traveled to Detroit, MI to speak with the men who led the largest municipal bankruptcy ever and they had a simple message for Hartford: Get on with it.
Meanwhile, Governor Dannel Malloy (D-CT) has met with Connecticut’s Republican leaders and promised to veto the bipartisan budget:
The republican budget plan that narrowly passed the legislature a week and a half ago will be formally vetoed by Governor Dannel Malloy Wednesday.
Hartford’s Mayor Luke Bronin (D-Hartford) has also demanded “at least $40 million more” from state leaders to prevent bankruptcy “on top of the $260 million” Hartford already receives in state assistance:
The mayor cautioned last week that Hartford would seek Chapter 9 protection if it didn’t receive its needed state aid by November. Bronin has asked for at least $40 million more this year — on top of the $260 million it was expected to receive.
S&P Global Ratings credit analyst Victor Medeiros said the agency has lowered the city’s GO bonds and the Hartford Stadium Authority’s lease revenue bonds four notches, to ‘CC’ from ‘B-‘. The city has been on S&P’s CreditWatch status with negative implications since in May.
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