A new survey finds Connecticut’s commercial credit market is being hit hard by Wall Street’s woes.
The third-quarter survey from the Connecticut Business and Industry Association and TD Banknorth finds business lending and credit conditions at their lowest level since the survey began four years ago.
New Haven economist Donald Klepper-Smith blames the fallout on Wall Street and falling values of assets, led by the weakened housing market. Thirty-five percent of business respondents expect credit conditions to worsen; that’s up from 21 percent in the second quarter.
More than one in ten (13 percent) rated current credit conditions as either good or excellent. That’s down from 23 percent last quarter and 30 percent a year ago.
