As we watch the alleged Federal government shutdown by politicians who crave spending more and more of YOUR money (without cutting spending), we see the same in various states and cities like Chicago, Illinois. Now Hartford CT is in on the overspending act.
(Bloomberg) — Moody’s says the city of Hartford is likely to default on its debt as early as November without additional concessions from Connecticut.
Moody’s sees Hartford’s operating deficits of $60 million to $80 million through 2036
Hartford will look to bondholders to restructure roughly $604 million in general obligation and lease debt, Moody’s says.
Moody’s sees additional grant revenue or amount equal to PILOT payments cutting view of operating deficits by over half.
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Yes, one of Hartford’s municipal bonds has dropped in price to $68.75 and a yield of 12.14%.
Moody’s says the city of Hartford is likely to default on its debt as early as November without additional concessions from Connecticut. From the second worst state in the nation in terms of public pensin underfunding (after my home state of New Jersey)?
In New Jersey, the (public pension) funding gap represents nearly 42 percent of the Garden State’s Gross State Product – or more than $27,000 for every resident, according to S&P Global Ratings.
Other underfunded states include Connecticut ($22,700 per person), Hawaii ($15,700), Illinois ($15,900) and Alaska ($18,200).
Good luck with that Hartford. Citizens of Hartford will likely have to switch their beer consumption from Heineken to Pabst Blue Ribbon.
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