What happens when government officials spend with virtually no restraint and they don’t have a printing press that can crank out more money?
Hartford, Connecticut.
Last week, both S&P Global Ratings and Moody’s Investors Service downgraded Hartford’s credit rating deeper into junk status. According to a Reuters report, the downgrade puts Hartford near the bottom of the credit scale. This means the agencies view the city as essentially in default with little prospect for a full bondholder recovery.
