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Connecticut Won't Default on Pension Bonds, Budget Director Says

Connecticut Treasurer Denise Nappier warned that Malloy’s proposal to stretch out payments on the teachers’ pension’s unfunded liability beyond 2032 to sidestep a potential $5 billion payment increase would trigger a technical default. Municipal Market Analytics, an independent research firm, said last week that such a breach would be a “clear credit negative" and investors should demand higher yields on Connecticut bonds to compensate for the risk.

Tim Holler