Rating Cut by Fitch on Wealthiest U.S. State

According to EconomicPolicyJournal.com, the state of Connecticut is expected to borrow nearly a billion dollars to close a budget gap in the fiscal year beginning July 1^st. This move comes after boring money last fiscal year to cover their $947.6 million deficit. As a result, Fitch – a well-regarded international credit rating agency – has downgraded the states credit rating AA+ to AA.

“The downgrade reflects the state’s reduced financial flexibility, illustrated by its reliance on sizable debt issuances during the current biennium to close operating gaps in the context of already high liabilities,” Fitch said.

Connecticut is the wealthiest state on a per capita basis with personal income of $54,397 in 2009, according to Department of Commerce.