Outlook Revised To Negative On Cincinnati, OH GO Bonds Due To Revenue Losses, Imbalanced Budget Nov 12
- Language: English
- Published: November 2012
The 'AA+' rating on Cincinnati, Ohio's series 2009C unlimited-tax general obligation (GO) refunding bonds reflects the following credit factors: A deep and diverse economic base; Maintenance of reserve levels above the city's stated policies; Financial management practices that we consider to be good; and Limited additional debt needs. The city's reliance on economically sensitive income taxes, although mitigated by efforts to maintain a substantial financial cushion, is an offsetting factor. The city's unlimited-tax GO pledge secures the bonds. The series 2009C GO bonds include a municipal income tax pledge, but are ultimately secured by the city's full faith and credit GO pledge. Cincinnati has a population of about 330,000 and is the center of a substantial economic base. The economy...
Companies mentioned in this report are:
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. SHOW LESS READ MORE >