As Connecticut prepared to market nearly $1 billion of deficit-financing securities, the state on Friday saw its AA rating from Standard & Poor's Corp. drop to AA-minus.

The new rating will apply to the state's $4 billion of outstanding general obligation and agency bonds, as well as to $965.7 million of deficit notes being priced by a Bear, Stearns & Co. syndicate today.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.