State Treasurer Erick Russell announced Friday the state has completed the sale of $1.2 billion in transportation funding bonds.
The majority of the bond funding, $875 million, will support a variety of transportation projects, including an initiative to combat wrong-way driving incidents; the rehabilitation, replacement or reconstruction of bridges and highway systems statewide; as well as investment in public transit systems, such as bus and rail facilities.
The sale also included $349 million to refinance previously issued special tax obligation bonds, which will result in $26 million in debt service savings, Russell said.
Earlier in the month, Kroll Bond Rating Agency upgraded the state’s special tax obligation bond credit rating from “AA+” to “AAA”, which is the highest rating possible, Russell said.
The upgrade reflects the State’s strong legal framework and public support for transportation funding and commitment to transportation investment, Kroll said.
“Investors continue to see opportunity in Connecticut and recognize our improved financial standing as a symbol of sustainable strength,” Russell said.
