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Moody’s Downgrades Bridgeport Credit Rating To 'Negative'

Bridgeport Mayor Joe Ganim
Bridgeport Mayor Joe Ganim Photo Credit: Meredith Guinness

BRIDGEPORT, Conn. — The credit rating for the City of Bridgeport has been reclassified as ‘negative’ from its previous August of 2014 position of ‘stable,’ according to a Feb. 16 statement released by Moody's Investors Service.

Aside from the negative credit rating, Moody’s assigned an A2 rating to the City of Bridgeport's $81.3 million General Obligation (GO) Bonds, 2016 Series A, GO Refunding Bonds Series B, and GO Refunding Bonds Series C.

The A2 rating reflects the city's narrow financial position and weak liquidity, says Moody's. The city continues to face ongoing pressure from long-term liabilities and high fixed costs for debt service, pension contributions and retiree healthcare payments.

Other factors considered is that the city's financial position will likely get worse and reserves are expected to remain low. The city announced in December that it is facing a potential $20 million budget gap (or 7.3 percent of the city side of the budget) in the current fiscal year, according to Moody's.

Click here to read the Moody’s report.

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