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Moody’s: Hartford Default Likely on Yearly Deficits Seen to 2036 (Connecticut Already Has 2nd Worst Public Pension Underfunding Requiring $22,745 Person To Fix)

This is a syndicated repost courtesy of Snake Hole Lounge. To view original, click here. Reposted with permission.

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.

Liquidity moves markets!

Follow the money. Find the profits! 

(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.

Yes, one of Hartford’s municipal bonds has dropped in price to $68.75 and a yield of 12.14%.

hartfpr

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).

2017.10.18 - Pension

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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Wall Street Examiner Disclosure:Lee Adler, The Wall Street Examiner reposts third party content with the permission of the publisher. I curate posts here on the basis of whether they represent an interesting and logical point of view, that may or may not agree with my own views. Some of the content includes the original publisher's promotional messages. I may receive promotional consideration on a contingent basis, when paid subscriptions result. The opinions expressed in these reposts are not those of the Wall Street Examiner or Lee Adler, unless authored by me, under my byline. No endorsement of third party content is either expressed or implied by posting the content. Do your own due diligence when considering the offerings of information providers.

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