Poor New London Not so Poor

You may recall that the pillar on which the Supreme Court rested its decision in the Kelo case was its conclusion that the city’s redevelopment plan was justified because of the declining condition of New London which found itself in dire economic straits and had to do something about it. It now turns out that may have been something less than accurate. The Fitch rating service has rated New London’s general obligation municipal bonds AA-, a solid investment-grade rating, on the basis of the city’s economically stable condition and a satisfactory flow of tax revenues.

Leave a Reply

Your email address will not be published. Required fields are marked *