Fitch Ratings maintains 'negative' rating for Conn., cites budget woes, slow economic recovery

Economic Indicators Associated Press

A ratings agency has maintained Connecticut's bond rating as "negative," saying the state's budget relied on one-time fixes and the state's economic recovery is inadequate.

Continue Reading Below

The analysis by Fitch Ratings released Tuesday said Connecticut's key finance sector continues to weaken and the state's economic recovery from the recession has been slow and uneven.

Fitch said budget adjustments approved by the General Assembly relied on one-time items such as shifting $221 million from last year's surplus into the budget that took effect July 1 and shifting money between the transportation and general funds.

The ratings agency also called Connecticut's personal income tax collections volatile, making revenue forecasts difficult.

A spokesman for the state Office of Policy and Management, the Malloy administration's budgeting agency, did not immediately comment.