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Yale’s Hometown Mends Finances After School Ups Payments

  • New Haven gets first Fitch upgrade in at least 20 years
  • Yale contribution, Connecticut aid boosted city’s credit
Yale University campus in New Haven, Connecticut.

Yale University campus in New Haven, Connecticut.

Photographer: Craig Warga/Bloomberg 

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Yale University’s hometown of New Haven, Connecticut –- long beleaguered by budget woes with its fiscal health hinging on state support and voluntary payments from the third-richest US school -- is finally seeing its financial prospects brighten.

The city on the Long Island Sound, with more than a quarter of its 135,000 residents living in poverty, won its first upgrade since at least 2002 last month from Fitch Ratings, and is coming off one of its biggest budget surpluses of the past decade.