Ohio; Tax Secured, General Obligation Dec 03
- ID: 1815196
- December 2003
- Region: Ohio
- Standard & Poors
The 'AA+' rating on the state of Ohio's unlimited-tax GO bonds reflects: The state's vast, broad, and diverse economic base, which includes several regional centers and corporate headquarters; An economic base anchored by manufacturing, with expanding health care and technology sectors; Unemployment rates and income levels that approximate the national averages; and The state operating under a structurally balanced fiscal 2004-2005 biennial budget, along with the implementation of a broad-based tax increase, albeit temporary, in the form of a one-cent increase in the sales tax rate, as well as conservative assumptions for economic growth underlying budget projections. While the increase in the sales tax is temporary, it provides the state with the foundation to achieve structural balance for the current...
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Action: New Rating
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