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Summary: Akron, Ohio; Note Sep 10
Standard & Poors, September 2010
The 'SP-1' short-term rating assigned to Akron, Ohio's street improvement special assessment notes series 2010 reflects adequate debt service coverage from legally pledged revenues, with additional available liquidity from nonpledged revenues. Principal and interest on the notes will be paid from fiscal 2011 (year-ended Dec. 31) special assessments made for street lighting and street cleaning services against all properties within the city that receive those services. The city has made these assessments annually for at least the past 48 years, but has recently resumed issuing debt in anticipation of the assessments. The $9.6 million par amount equates to 91.5% of fiscal 2011 assessments of $10.494 million. The special assessments are included on residents' property tax bills, which are due in...
Companies mentioned in this report are: Akron
Action: New Rating
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