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Summary: Akron, Ohio; Appropriations; General Obligation; Note May 10
Standard & Poors, May 2010
The 'SP-1+' short-term rating assigned to Akron, Ohio's series 2010A limited-tax general obligation (GO) various-purpose bond anticipation notes (BANs) reflects Standard & Poor's Ratings Services' opinion of the city's investment grade credit quality, as reflected in the AA-' long-term rating on its GO debt and its history of market access as evidenced by its outstanding debt. Securing the BANs are the city's limited-tax GO pledge, the pledge of its 2% income tax receipts, and its authorization to retire the notes with long-term debt. The government will use the BAN proceeds to refund its outstanding 2009 BANs. The 'AA-' long-term rating and underlying rating (SPUR) on the city's existing GO debt and the 'A+' long-term rating and SPUR on the city's...
Companies mentioned in this report are:
Action: New Rating
Action: Outlook: Stable
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