Moody's: GE Departure Highlights Connecticut's Economic Troubles

FAIRFIELD, Conn. -- Wall Street rating agency Moody's Investors Service has cited General Electric's pending departure from Fairfield as a "credit negative," according to The Connecticut Mirror.

Connecticut Gov. Dannel Malloy
Photo Credit: *Jay Polansky, File*

Frank Mojica

01/24/2016 4:30 p.m.

Moody's said in its weekly credit outlook that the move of the GE headquarters underscores the challenges the state faces with underperforming revenues and economy, said The Connecticut Mirror.

Many state Democrats, including Gov. Dannel P. Malloy, attributed the move to Boston to that city's cosmopolitan setting, proximity to top universities and millennial workforce, while Republicans cite recent state tax hikes and the possibility of another increase, The Connecticut Mirror said.

GE announced recently it will move its headquarters and 200 of the 800 employees from its Fairfield campus to downtown Boston beginning this summer.

Click here to read the story at The Connecticut Mirror.

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