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Summary: Akron, Ohio; Miscellaneous Tax Dec 11
Standard & Poors, December 2011
Standard & Poor's Ratings Services has assigned its 'AA-' long-term rating to the City of Akron, Ohio's joint economic development district (JEDD) revenue refunding bonds, series 2011. The outlook is stable. The rating reflects our view of the JEDDs': Diverse, stable employment base; Strong historical debt service coverage of 2.37x maximum annual debt service (MADS); Strong 2.25x additional bonds test against all pledged revenues for the issuance of parity debt; and No additional debt plans. In our view, the following factors partially offset the above strengths: A narrow income tax revenue base, currently limited to 3,900 acres of select business-zoned property; and The lack of a debt service reserve. The city has pledged net available JEDD revenues to pay debt...
Companies mentioned in this report are: Akron
Action: New Rating
Action: Outlook: Stable
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