Posted on October 17, 2017
Enfield – Representative Carol Hall (R-59) responded to news that Enfield might face a credit downgrade from Moody’s Investor Service as a result of the ongoing state budget crisis.
In a report by Moody’s Investor Service, Moody’s said they would look closely at the “ongoing vulnerability to changes in state funding and individual local governments’ long term capacity to make up for possible declines in state support with local resources.”
“I am very disappointed to hear about the potential downgrade to Enfield’s credit. I served over a decade on town council and we worked very hard to maintain and improve the town’s credit rating. Having a good credit rating is vital for towns like Enfield, without a high rating it is harder to borrow, invest and undertake infrastructure improvements,” said Representative Hall “As a State Representative and a member of the Appropriations Committee, I took this perspective with me. We worked long hours going line by line to find appropriate cuts and prioritize funding. The result was the budget that passed on a bi-partisan basis in September. This budget would have maintained current municipal funding levels and fully funded local school districts. It is shameful that Governor Malloy vetoed this effort falling back on his executive order which strips over $23,000,000.00 from Enfield.”
Currently the town of Enfield carries an Aa2 rating from Moody’s which indicates a strong capacity to meet financial obligations. Representative Hall concludes, “Well run towns like Enfield should not be punished for the state’s fiscal problems.”