I also include 50 % of convertible / preference capital,
pension deficits etc., which seems an appropriate balance — it recognizes these (long term) liabilities aren't bank loans, but they still increase gearing & prior claims on capital.
Given all that Governor Malloy has done to clean up the financial wreck he inherited from Rep. Cafero, Sen. McKinney, Governor Rowland, and Governor Rell — a $ 3.5 billion
deficit, early retirement incentives, borrowing for operations, underfunding
pension payments,
etc. — the criticism is kind of ironic.