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Darke County Economic Development...
S&P
upgrades Ohio Enterprise Bond Fund ratings two levels to AA+
On March 28, rating agency Standard & Poor’s (S&P) upgraded the
Ohio Enterprise Bond Fund (OEBF) two levels to AA+ from AA-, citing a
very strong risk profile and sound financial policies as key factors,
the state treasurer’s office announced. The state treasurer’s office
stated that this was the first OEBF ratings increase by S&P since
2003, when they raised the fund from an A- rating to AA-.
OEBF was created in 1988 to promote economic development, create and
retain quality jobs, and assist governmental operations. The program
enables nonprofit and for-profit borrowers to access national capital
markets through bonds issued through OEBF. The program is administered
by the Ohio Department of Development and financing is provided by the
state treasurer of Ohio. These positive ratings benefit state taxpayers
through lower borrowing costs, which in the case of OEBF, translates
into lower rate capital being provided to companies looking to create a
presence and jobs in Ohio.
Treasurer Josh Mandel...
S&P Upgrades Ohio Enterprise Bond Fund Ratings Two Notches
Raises Long-Term Rating to ‘AA+’ from ‘AA-’; First OEBF Ratings
Increase Since 2003
COLUMBUS – Rating agency Standard & Poor’s (S&P) today upgraded
the Ohio Enterprise Bond Fund (OEBF) to ‘AA+’ from ‘AA-’, citing a very
strong risk profile and sound financial policies as key factors.
This was the first OEBF ratings increase by S&P since 2003, when
they raised the funds’ ‘A-’ rating to ‘AA-’. S&P also
assigned its ‘AA+’ long-term rating to Ohio’s Series 2012-3 state
economic development revenue bonds that State Treasurer of Ohio Josh
Mandel’s office will issue for OEBF within the next two weeks.
“S&P’s upgrade of the Ohio Enterprise Bond Fund is the latest in a
series of good news for our state, resulting from sound financial
management and a conservative investment strategy. The OEBF was
raised two levels to reflect a high level of confidence by ratings
agencies, and ample ability to pay debt service,” said Treasurer
Mandel. “This move follows upgrades of Ohio’s general obligation
bond credit outlook by S&P, Fitch and Moody’s. These positive
ratings benefit state taxpayers through lower borrowing costs, which in
the case of OEBF means that capital is available at lower rates for
companies looking to create jobs in Ohio.”
The OEBF will loan the proceeds of the 2012-3 issuance to FWT LLC, a
company that designs and fabricates custom steel products for a variety
of applications. They will be utilizing just over $4 million in
proceeds to acquire and equip a facility in Defiance County, Ohio.
OEBF was created in 1988 to promote economic development, create and
retain quality jobs and assist governmental operations. The
program enables non-profit and for-profit borrowers to access the
national capital markets through bonds issued through OEBF. The
program is administered by the Ohio Department of Development and
financing is provided by the State Treasurer of Ohio.
For more information, please visit: www.OhioTreasurer.gov
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