{"id":182027,"date":"2024-08-02T21:54:29","date_gmt":"2024-08-03T02:54:29","guid":{"rendered":"https:\/\/thevwindependent.com\/news\/?p=182027"},"modified":"2024-08-02T21:54:30","modified_gmt":"2024-08-03T02:54:30","slug":"state-treasurer-ohio-credit-rating-rises","status":"publish","type":"post","link":"https:\/\/thevwindependent.com\/news\/2024\/08\/02\/state-treasurer-ohio-credit-rating-rises\/","title":{"rendered":"State treasurer: Ohio credit rating rises"},"content":{"rendered":"\n

Submitted information<\/em><\/p>\n\n\n\n

COLUMBUS — Ohio Treasurer Robert Sprague has announced a credit rating upgrade from Standard & Poor\u2019s Global Ratings (S&P) to AA+ for Ohio\u2019s Major New State Infrastructure Project Revenue Bonds. S&P cited the \u201cexpectation that pro forma maximum annual debt service (MADS) coverage will remain very strong\u201d as well as \u201cOhio\u2019s demonstrated history of maintaining an adequate level of lawfully available funds\u201d and \u201cstrong federal and state programmatic support\u201d among reasons for the upgrade.<\/p>\n\n\n\n

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Robert Sprague<\/figcaption><\/figure><\/div>\n\n\n\n

\u201cThis key credit rating upgrade is a testament to strong fiscal management by our office, as well as our ongoing partnership with the Ohio Department of Transportation,\u201d said Treasurer Sprague. \u201cThe AA+ rating from Standard & Poor\u2019s will lower the costs of financing for ODOT and help them use federal Title 23 money more efficiently when funding construction projects around the state.\u201d<\/p>\n\n\n\n

The AA+ rating indicates a high degree of creditworthiness and can be attributed to the office\u2019s timely repayment to bond holders, efficient management of Title 23 monies, and a commitment to prudent management of the Highway Operating Fund. The improved rating from Standard & Poor\u2019s comes in connection with a Major New State Infrastructure Project Revenue bond issuance to be used by ODOT for construction projects. These bonds are debt-financing instruments that are eligible for reimbursement using future Federal-aid highway funding under Title 23. Some of these projects include bridge replacements, pavement rehabilitation, and lighting upgrades. Ohio\u2019s Major New State Infrastructure Project Revenue bonds are also backed by a secondary pledge of other lawfully available funds in the Highway Operating Fund.<\/p>\n\n\n\n

In December of 2023, S&P Global Ratings upgraded the state of Ohio\u2019s issuer default and general obligation bond ratings to AAA. The Major New State Infrastructure Project Revenue bond rating was not included in the upgrade at that time, due to the fact that investors are repaid from federal reimbursements. The last time these bonds were upgraded by S&P (to the AA rating) was over 20 years ago, in 2003. Ohio\u2019s issuer default rating and general obligation bonds hold the highest ratings possible of \u201cAAA\/Aaa\/AAA\u201d from S&P Global Ratings, Moody\u2019s Investors Service, and Fitch Ratin.<\/p>\n\n\n\n

For more details on the rating upgrade, read the full report<\/a> from Standard and Poor\u2019s Global Ratings.<\/p>\n","protected":false},"excerpt":{"rendered":"

Submitted information COLUMBUS — Ohio Treasurer Robert Sprague has announced a credit rating upgrade from Standard & Poor\u2019s Global Ratings (S&P) to AA+ for Ohio\u2019s Major New State Infrastructure Project Revenue Bonds. S&P cited the \u201cexpectation that pro forma maximum annual debt service (MADS) coverage will remain very strong\u201d as well as \u201cOhio\u2019s demonstrated history […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-182027","post","type-post","status-publish","format-standard","hentry","category-business"],"publishpress_future_action":{"enabled":false,"date":"2026-06-12 22:52:51","action":"change-status","newStatus":"draft","terms":[],"taxonomy":"category","extraData":[]},"publishpress_future_workflow_manual_trigger":{"enabledWorkflows":[]},"_links":{"self":[{"href":"https:\/\/thevwindependent.com\/news\/wp-json\/wp\/v2\/posts\/182027","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thevwindependent.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thevwindependent.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thevwindependent.com\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thevwindependent.com\/news\/wp-json\/wp\/v2\/comments?post=182027"}],"version-history":[{"count":1,"href":"https:\/\/thevwindependent.com\/news\/wp-json\/wp\/v2\/posts\/182027\/revisions"}],"predecessor-version":[{"id":182028,"href":"https:\/\/thevwindependent.com\/news\/wp-json\/wp\/v2\/posts\/182027\/revisions\/182028"}],"wp:attachment":[{"href":"https:\/\/thevwindependent.com\/news\/wp-json\/wp\/v2\/media?parent=182027"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thevwindependent.com\/news\/wp-json\/wp\/v2\/categories?post=182027"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thevwindependent.com\/news\/wp-json\/wp\/v2\/tags?post=182027"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}