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Summary: Cincinnati, OH; Tax Secured, General Obligation May 02
Standard & Poors, May 2002
The 'AA+' rating on Cincinnati, Ohio's unlimited-tax various purpose GO bonds reflects the city's unlimited-tax GO pledge. Additional credit factors include the city's: Deep and diverse economic base, Good financial practices and reserves, and Moderate debt burden with manageable capital needs. The current weak performance of income taxes, which is somewhat mitigated by the city's unexpected gain from the Anthem Insurance Cos. Inc. demutualization, is an offsetting factor. The demutualization of Anthem?the Blue Cross and Blue Shield licensee for Ohio and other states?is expected to generate $50 million from the sale of stock. The city will use these funds for neighborhood-related capital investment in place of general fund monies. During fiscal 2001, the city was faced with stagnating earnings tax...
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Action: New Rating
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