Summary: Akron, Ohio; Appropriations; General Obligation Sep 10

Standard & Poors, September 2010

Abstract
Standard & Poor's Ratings Services assigned its 'A+' rating and stable outlook to Akron, Ohio's series 2010 certificates of participation (COPs), and affirmed its 'AA-' and 'A+' ratings on the city's outstanding general obligation (GO) bonds, COPs, and leases, respectively. The ratings reflect our opinion of the city's: Status as a regional economic and employment center; Revenue flexibility; Adequate wealth and income indicators; Willingness to make necessary budget adjustments to help regain a mostly balanced budget, while maintaining revenue-raising flexibility; and Moderately high overall debt levels. The lower rating on the COPs reflects the fact that their debt service is subject to annual appropriation by the city. The city's thin general fund cash reserves and reliance on volatile income tax...

Companies mentioned in this report are:
- Akron

Action: Affirmed
Action: New Rating
Action: Outlook: Stable

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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.

Akron

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