For the second time in two days, a ratings agency has downgraded New Haven’s credit.
The latest came Thursday evening, from Fitch, which downgrade the city’s credit rating two notches from Fitch from A- to BBB.
It mirrors a similarly disappointing report issued Wednesday by Standard & Poors. Read a story about that here.
The ratings affect the interest rates the city can get in borrowing money, which makes it cost more. And the Harp administration is preparing to “refund” or refinance $160 million in bonds to help retire the past fiscal year’s operating budget deficit, a practice that in itself ratings agencies generally frown on.