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Gov. John R. Kasich...
Moody
Say’s
Ohio now ‘financially stable’
Kasich
releases statement on announcement
March 17, 2012
COLUMBUS –
Today Gov. John R. Kasich released the following statement after the
credit
rating agency Moody’s announced that it has improved Ohio’s credit
outlook to
stable from negative:
“Moody’s
decision to upgrade Ohio’s credit outlook is fantastic news and affirms
that
Ohio is getting back on track. Today’s
announcement marks the first time since February 2007 that all three
rating
agencies—Moody’s, Fitch, and S&P—have given Ohio an AA+ rating
with a
stable outlook. Over
the past year,
we’ve eliminated an $8 billion budget shortfall and implemented
policies that
foster a jobs-friendly environment and manage taxpayer dollars in a
responsible
way. It’s great to
know that these
efforts to make Ohio’s economy stronger are getting noticed.”
BACKGROUND:
· 7/15/11 –
S&P improves the Ohio’s credit outlook from negative to stable.
· 3/13/12 –
U.S. Department of Labor’s Bureau of Labor Statistics releases national
job
data showing that from January 2011 through January 2012, Ohio gained
62,500
jobs, putting Ohio first in the Midwest and fifth in the nation in
total job
creation.
Columbus
Dispatch...
Ohio now
‘stable’ financially, Moody’s rating service says
By Darrel
Rowland
Ohio’s
improving economy caused one of the country’s major financial rating
services
to remove a “negative” yesterday from the state’s fiscal outlook.
Moody’s
upgraded Ohio to a “stable” outlook, as Standard and Poor’s did last
summer.
“The
revision of Ohio’s outlook to stable from negative is based on the
modest
improvement in the state’s financial position that is expected to
continue,
given favorable fiscal 2012 revenue performance,” Moody’s said. “The
outlook
also reflects the expectation that the state will return to structural
balance
in fiscal 2013 and continue to replenish reserves with surplus revenues.
“The stable
outlook also reflects the expectation that Ohio’s economy and
demographics will
continue to stabilize, given recent growth in manufacturing, health
care and
energy exploration.”
Gov. John
Kasich said Ohio officials were able to convince Moody’s that the state
is no
longer overly reliant on manufacturing, especially the auto industry.
“The
ability to show them Ohio is not a one-trick pony matters,” he said.
Moody’s
warned that the state still suffers from a “lack of certain best
financial
management practices” and the Ohio economy “remains vulnerable to high
gas
prices and external disruptions, given manufacturing industry exposure.”
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