Summary: Ohio; General Obligation Jan 09

Standard & Poors, January 2009

Abstract
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:
- Ohio

Action: Affirmed
Action: New Rating
Action: Outlook: Stable

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Ohio

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