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  Hartford Could Default On Its Debt As Soon As Next Month, Moody's Says

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Hartford Could Default On Its Debt As Soon As Next Month, Moody's Says Vide
PostSubject: Hartford Could Default On Its Debt As Soon As Next Month, Moody's Says    Hartford Could Default On Its Debt As Soon As Next Month, Moody's Says Icon_minitimeFri Oct 20, 2017 1:27 am
Moody’s latest warning about Hartford Connecticut is its most dire yet.

In a report issued Thursday, the ratings agency’s analysts said Hartford, Connecticut’s once-proud capital city, could default on its debt as soon as next month, forcing the capital of the country’s wealthiest state (on a per capita basis) into bankruptcy.

If the city doesn’t change course (and given its shrinking tax base and the departure last year of Aetna, a major insurance company that was founded in Hartford and had located its headquarters in the city for more than 150 years, reforms appear unlikely), receive a state bailout or strike some kind of deal with its creditors, Moody’s says lenders can expect it to run up annual deficits in excess of $60 million through the next 20 years.

Moody’s (along with its rivals Fitch and Standard & Poor’s) downgraded Hartford’s credit rating on Sept. 26 to Caa3 from Caa1, reflecting a view that creditors would only manage to recoup between 60% and 80% of their principal should Hartford default.

Hartford Could Default On Its Debt As Soon As Next Month, Moody's Says 2017.10.19capitol_0

http://www.zerohedge.com/news/2017-10-19/hartford-could-default-its-debt-soon-next-month-moodys-says

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