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:
Action: Outlook: Negative
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. SHOW LESS READ MORE >