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Standard & Poor's cut its outlook on Connecticut's general obligation and appropriation-secured debt to "negative" from "stable," citing higher budget pressure due to weak revenue growth.
Connecticut's "relatively weak" post-recession economic growth has increased budget pressure despite a substantial tax hike in fiscal 2012, S&P said on Monday.
The ratings agency also affirmed its 'AA' rating on Connecticut's $16 billion parity general obligation debt outstanding.