Connecticut’s credit quality still ranks among the worst nationally thanks to a sluggish economy, mounting debt and a weak housing market, according to a new report.
The latest biannual “State of the States” credit report by Hartford-based investment manager Conning dropped its home state two spots from six months ago to No. 46 in the U.S. for credit quality. The state had the same ranking a year ago.
Conning said Connecticut ranks among the bottom 10 in nine of the 13 measurements it used to compile the credit-quality report.
The Nutmeg State especially scored poorly in debt per capita (No. 50), gross domestic product, or GDP, growth (No. 49), employment growth (No. 48), economic debt per personal income (No. 48), and personal income growth and population growth (No. 42).
Meantime, Connecticut ranked highly for state GDP per capita (No. 4) and median household income (No. 5).
In New England, Connecticut’s credit quality ranked behind New Hampshire (No. 7), Massachusetts (No. 23), Maine (No. 37), Vermont (No. 45) and ahead of Rhode Island (No. 47).
Conning’s top states in credit quality include Utah, Nevada, Idaho, Colorado and North Dakota, respectively.
Nationally, the report said credit quality is improving overall as economic growth continues based on employment, personal income and home prices.
