Fitch Rates $150MM Ohio GOs 'AA+'.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. assigns an 'AA+' rating to $150 million State of Ohio higher education higher education Study beyond the level of secondary education. Institutions of higher education include not only colleges and universities but also professional schools in such fields as law, theology, medicine, business, music, and art. general obligation (GO) bonds, series 2006A, scheduled to sell the week of April 3 through negotiation with a syndicate led by RBC Capital Markets RBC Capital Markets is the corporate and investment banking division of Royal Bank of Canada ("RBC"). Broker dealers Depending on the jurisdiction, the division uses different broker dealer subsidiaries of RBC:
Ohio's 'AA+' rating continues to reflect the state's demonstrated track record of maintaining fiscal balance and a moderate, rapidly amortized debt burden. These strengths offset the volatility inherent in Ohio's manufacturing-based economy. Ohio's economy has been growing slowly, up 0.4% in 2005 compared to 1.5% for the U.S. as a whole. January 2006 employment was 0.7% above January 2005, compared to 1.5% for the U.S. - Ohio's largest year-over-year employment increase since it began recovering jobs in March 2004. Professional and business services rose 2.4%, construction 2.0%, and educational and health services health services Managed care The benefits covered under a health contract 1.9%. Manufacturing employment continues to drop, down 0.2% in January 2006. Personal income growth lagged the U.S. at 4.2% in 2004, compared with 6.0% for the nation. The current biennial budget assumes 0.6% employment growth and 4.7% personal income growth in fiscal 2006. State revenue growth has reflected strong receipts of personal income taxes related to non-wage and capital gains income. The budget for the current 2005-2007 biennium bi·en·ni·um n. pl. bi·en·ni·ums or bi·en·ni·a A two-year period. [Latin : bi-, two; see bi-1 + annus, year; see at- , which began July 1, rebuilds reserves used from 2001-2004 and exhibits notable restraint in increasing spending. The state has enacted significant tax cuts, including a phased five-year 21% cut in the personal income tax, coupled with a broadening of business taxes. The cuts should slow revenue growth for at least the next two biennia bi·en·ni·a n. A plural of biennium. , requiring continuation of constrained spending practices. A tax and expenditure limitation amendment to the state constitution has been proposed for the November 2006 ballot. General revenue fund tax receipts track estimates through February 2006, with particularly strong corporate tax receipts. The state's moderate, rapidly amortized debt burden remains an important credit strength. Net tax-supported debt equals 3% of personal income. Within 10 years, 66% of general revenue fund debt is scheduled to be retired, and 100% is due within 20 years. Funding ratios for major pension systems range from 75%-88%. The bonds will mature May 1, 2007-2026. Call provisions are yet to be determined. For more information on the State of Ohio, see Fitch Research dated Sept. 9, 2005 and Feb. 9, 2006, available on the Fitch Ratings web site at www.fitchratings.com. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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