Gov. Contenders Spar Over Municipal Credit Ratings

Sometimes it’s the list your town or city doesn’t make that Trumbull’s Tim Herbst says sets him apart from his gubernatorial rivals Joe Ganim and Mark Lauretti.

Both Ganim’s and Lauretti’s cities were placed on a credit downgrade watch list this week.

Bridgeport and Shelton were among 26 municipalities flagged by Moody’s because of the domino effect of the state’s 110-day budget impasse, which the ratings agency said has cost $928 million in state aid to local governments.

Trumbull, where Herbst has been first selectman since 2010, averted a potential change to its credit rating.

Herbst said that’s a credit to his fiscal management of the town, from passing retirement reforms to fully fund the town’s pension system to imposing a mandatory rainy day fund minimum that is equal to 10 percent of the town’s annual budget.

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