Gov. Dannel P. Malloy issued a statement Monday minimizing the effect of Standard & Poor's first-ever cut of the nation's credit rating Friday from a perfect AAA to AA-plus.
Here's the statement:
While Standard & Poor's downgrade of our country's debt is clearly not good news, we in Connecticut have a few things working in our favor. There is not much of a direct, immediate impact on our state since our rating has been recently affirmed by S&P and we do not have federally backed debt that will be downgraded based directly on the S&P action. We have balanced our budget without cutting pension contributions or borrowing, which are strong credit positives, and while Washington refuses to work together and address our long-term problems, the agreement I reached with state employee union leaders does - in terms of the sustainability of both health care and pension obligations on behalf of state employees.
