Connecticut, the state with the highest tax-supported debt, saw its bond rating lowered this week by one level to AA by Fitch Ratings. That brings it down to the equivalent level as the other two major rating services. While still a solid rating, the trend is not a good one.

Fitch noted that Connecticut is borrowing not only for capital improvements, but to balance its budgets. Connecticut is preparing to borrow $956 million to close a budget gap in the fiscal year beginning July 1. It borrowed nearly $1 billion to close last year's budget deficit.

"The downgrade reflects the state's reduced financial flexibility, illustrated by its reliance on sizable debt issuances during the current biennium to close operating gaps in the context of already high liabilities," Fitch said in announcing the decision.

In English: Connecticut is borrowing money to keep operating, has massive underfunded pension and insurance obligations and not many options left to address the problems.

Lt. Gov. Michael Fedele, who is seeking the Republican nomination to run for governor, issued a rather odd statement about the the downgrade.

"The decision by Fitch Ratings to downgrade the credit rating on the state’s bonds should be a wake-up call for state officials -- and for the taxpayers who pay the bills," stated Fedele.

“For too long the state has failed to take meaningful action to address its growing fiscal crisis,” he said.

Gee, you would think he wasn't there when all the debt was rolling up. In fact, the Rell/Fedele administration let the borrow-heavy budgets pass into law rather than dig in for a tough fight with the Democratic-dominated legislature.

When Gov. Rell decided to take a fourth Friday off, it was Fedele chairing the Bond Commission meetings where borrowing is approved.

In fairness, Rell was the governor, not Fedele. But it shows the difficulties he faces running against the problems the administration he served in helped create, and certainly didn't solve.