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Akron celebrates with food and fun
Why do minorities die so young?
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Exxon Saved From the Rocks: The Supreme Court Limits Punitive Damages
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Olympics, interested?
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Yellowstone, C.C. Sabathia, Brian Windhorst and … yes … Yellowstone
Browns Bulletin:
ESPN's Browns love-in chugs along
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Bentley leaves minicamp
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Spanked on Independence Day
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All Stars, Roster Moves and More!
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Contemplating fall camp
Varsity Letters:
CVCA junior soccer stars Speas & Mason to play at UA
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Jarvis on Maxwell watch list
Ohio Politics:
2008 = 1972? 1976? 1992? 2000? 2004?
All Da King's Men:
Words For Independence Day
Blog of Mass Destruction:
Dependence Day
Akrocentric:
Charles Taormina discusses "Acceptance of Individual Authors," self-publishing resources
Akron Gamer:
Harmonix keeps on Rock'n
BokBluster:
Patriot Games
Ohio Travels with Betty:
Is there an American Girl store in Ohio?
Olympic Dreams - Running:
Back to Phase One
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Tim McGraw wows and woos Blossom
Tia's Trends:
Saks Saleswoman Accused of Stealing $1 Million
'Stable' financial outlook could result in lower cost for the interest on bonds
By Rick Armon
Beacon Journal staff writer
Published on Friday, Jan 25, 2008
Summit County is keeping its solid credit rating.
Standard & Poor's affirmed the county's ''AA'' rating and the county government's ''stable'' financial outlook.
AA is the second-highest rating issued by the rating agency. The only higher rating is AAA.
''It's outside confirmation that the county is conservative when spending tax dollars and borrowing funds,'' said Linda Phelps, county finance and budget director.
Credit ratings help investors analyze risks when buying municipal bonds that pay for major community projects. Any drop could result in local governments paying a higher rate of interest on bonds.
''The AA rating is a very strong rating,'' said Jeffrey Panger, a credit analyst with Standard & Poor's. ''Not a lot of counties that have higher ratings.''
Standard & Poor's cited the county's strong financial position, conservative financial practices and below average debt as reasons for the strong rating. The agency also noted the county's solid tax base and recent decision by Goodyear Tire & Rubber Co. to build a new world headquarters in Akron.
The Goodyear decision was an important factor in the rating because of the company's major impact on employment and tax revenue in the county, Panger said.
The agency also noted that the county used $2.5 million in reserves to plug an operating deficit last year and there are plans to use $4.6 million in reserves this fiscal year, so the outlook isn't all rosy. But the county planned well enough with its reserves to get through this lean economic time, Panger said.
''The long-term picture is very positive for Summit County,'' County Executive Russ Pry said.
The ratings for other large counties in Ohio are: Franklin (AAA), Cuyahoga (AA+), Montgomery (AA) and Lucas (A+). Those ratings have not been updated since 2005. Meanwhile, Akron's rating is AA-.
Also this week, Moody's, another rating agency, dropped the financial outlook for the University of Akron from stable to negative because of concerns over the school's debt. The agency did not adjust the school's rating, though.
For more details about the rating system, go online to http://www.standardandpoors.com.
Rick Armon can be reached at 330-996-3569 or rarmon@thebeaconjournal.com.
Summit County is keeping its solid credit rating.
Get the full article here.
