From Courant.com:

The state’s bond rating was downgraded Friday in reaction to the moves by Gov. M. Jodi Rell and the Democratic-controlled state legislature to borrow money for operating expenses and balance the budget with “one-shot” revenues that cannot be used in the future.

While the state has borrowed money for operating expenses in the fiscal crises of 1991 and 2003, the legislature made the extremely rare move this year to borrow money even before the fiscal year started. Without the borrowing, the state would have a projected deficit of about $1 billion in the 2011 fiscal year, which starts on July 1.

Some candidates for governor and lawmakers complained loudly Friday about the move, but there is a disagreement over the exact impact of the downgrade.

Read the Rest…