Politics & Government
New Haven Refinances Debt
The city restructured its debt, but will end up paying more as payments are graduated out over time.
NEW HAVEN, CT — The city's Bond Sale Commission approved the sale of $160 million in bonds to refinance the city's debt and another $58 million in new bonds.
The city will pay $84 million more over the years due to interest accruing over a longer period of time, according to the New Haven Independent. Bond underwriters cited a loss of $10.3 million for the city due to assumed investment returns and other factors. To sign up for New Haven breaking news alerts and more, click here.
The city paid 4.82 percent interest on the refinancing of bonds.
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Two credit scoring agencies recently downgraded the city's credit score. S&P moved the city to a BBB+ rating and Fitch Ratings dropped it to a BBB rating. Both still represent investment-grade ratings.
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