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Summary: Ohio; General Obligation Jan 09
Standard & Poors, January 2009
Standard & Poor's Ratings Services assigned its 'AA+' long-term rating, and stable outlook, to Ohio's $56.995 million series 2009A higher education general obligation (GO) refunding bonds, its $31.8 million series 2009A common schools GO refunding bonds, and its $39 million series 2009A infrastructure improvement GO bonds. At the same time, we affirmed the 'AA+' ratings on the parity debt outstanding. Bond proceeds from this issue will refund certain bonds outstanding. The rating reflects the following strengths in our view: A long history of strong and disciplined financial management, as shown by budget adjustments throughout the year as the revenue forecast was adjusted; A still-sizable budget stabilization reserve despite reductions authorized for fiscal 2009; A biennial budget for 2008-2009, which continues...
Companies mentioned in this report are:
Action: New Rating
Action: Outlook: Stable
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