Fitch downgrades Ohio bonds despite

younkinesagugad1746.blogspot.com
The New York-based agency this week said it loweredthe AA+ ratinb attached to the bonds by a peg to AA, citinbg “the long-term deterioration of the state’s economy” and concerjn that Ohio didn’t bounce back as strongl as other states following the 2000-01 Fitch also noted that the 100,0009 manufacturing jobs lost in Ohio over the past year and recentt plans by to close some operations in the states are of particular concern. The rating downgrade comees as a conference committeew composed of Ohio House of Representatives and Senate members is poised to finalizethe state’s budgey for the two years beginning July 1.
Legislator s are expected to receive updated tax revenue projections which could lead to spending cuts beyondthe $1 billiohn the Republican-controlled Senate made to a budgeg passed by the Democrat-controlled Fitch characterized Ohio’s financial management as “sound,” addinf that its rating takes into expectations that the state budget will be balanced. Despitre downgrading the bonds, the agency reviser its overall ratings outlook for the state to from “negative.
” • Fitch issued a AA rating to $40 millionb in coal development general obligation bonds set to sell next That’s the third-highest investment grade possible on its • The agency also downgraded to AA- from AA ratings on appropriation-backerd bonds.