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Summary: Ohio; Appropriations; General Obligation Sep 09

  • ID: 1815082
  • September 2009
  • Region: Ohio
  • Standard & Poors

Standard & Poor's Ratings Services revised its outlook on Ohio's general obligation (GO) bonds and various appropriation-backed bonds to negative from stable. At the same time, we affirmed our 'AA+' long-term rating on the GO bonds. We base the outlook revision on our view of the increased implementation risk associated with the recently authorized video lottery terminal plan that was included in the state's fiscal 2010-2011 biennial budget. The Supreme Court ruled that the proposal to extend video lottery terminals to state race tracks is subject to a statewide voter referendum. This was a key component to balancing the budget and was expected to generate nearly $1 billion over the biennium. The court decision adds uncertainty about the timing and...

Companies mentioned in this report are:
- Ohio

Action: Affirmed
Action: Outlook: Negative

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