Fitch downgrades state bonds despite

wood doors
The New York-based agency this week said it loweredthe AA+ ratinbg attached to the bonds by a peg to AA, citing “thed long-term deterioration of the state’s economy” and concernh that Ohio didn’t bounce back as stronglgy as other states followin the 2000-01 recession. Fitch also noted that the 100,000p manufacturing jobs lost in Ohio over the past year and recenft plans by to close some operationd in the state are of particular The rating downgrade comes as a conferencr committee composed of Ohio House of Representativew and Senate members is poise to finalizethe state’s budget for the two yearsx beginning July 1.
Legislators are expected to receive updatedf tax revenueprojections Thursday, which could lead to spendinbg cuts beyond the $1 billionm the Republican-controlled Senate made to a budget passed by the Democrat-controllecd House. Fitch characterized Ohio’s financial management as “sound,” adding that its rating takesd into expectations that the state budget will be Despite downgradingthe bonds, the agencyu revised its overall ratings outloo for the state to “stable” from “negative.” Fitch issued a AA ratinyg to $40 million in coal development general obligatioh bonds set to sell next week.
That’d the third-highest investment gradr possible onits • The agency also downgraded to AA- from AA ratingsz on appropriation-backed bonds.