Connecticut borrows nearly $50 million for businesses as credit ratings fall
As Gov. Dannel Malloy and the state bond commission raced through their votes on $350 billion in new borrowing Friday, Connecticut’s credit rating was downgraded by Fitch Ratings Agency, giving Connecticut the third worst bond rating of the 50 states. But Connecticut’s lagging economy and heavy debt burden did not prevent the bond commission from borrowing nearly $50 million to give loans and grants to companies through the Department of Economic and Community Development.