Standard & Poor's Ratings Services revised its outlook to stable from negative on the 'AA+' rating on Ohio's general obligation (GO) bonds. The outlook revision reflects the state's progress in restoring structural budget balance through fiscal 2013 and the modest economic recovery underway, which has stabilized revenues. At the same time, we assigned a 'AA+' long-term rating to Ohio's $416.75 million GO refunding bonds. The rating reflects our view of: Ohio's long track record of proactive financial and budget management, including its implementation of frequent and timely budget adjustments over time to mitigate lower revenues; The availability of various reserves at the start of the recession, which has since allowed the state to manage budget gaps; A biennial budget for...
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 >