Moody's: Franklin County's Aaa Rating is 'Stable'

After completing its reviews of Aaa issuers that had recently been assigned a ‘negative’ outlook due to indirect linkages to the U.S. government’s credit rating, Moody’s Investors Service revised the outlook to ‘stable’ from ‘negative’ for Franklin County’s outstanding general obligation debt, along with 118 other local governments.

Moody's assigned negative outlooks to 161 local governments on August 4, 2011 following an August 2 confirmation of the U.S. government's Aaa sovereign rating and assignment of a negative outlook.

According to Moody’s Investors Service, the revised outlooks “are based on an expanded evaluation of the exposure each municipality has to the U.S. government, including economic sensitivity to federal spending reductions, dependence on federal transfers and exposure to capital markets disruptions."

“The stability this Aaa rating provides enables us to continue building our region for the future,” said Commissioner Marilyn Brown. “I am absolutely thrilled our team was able to work to ensure we keep this rating and keep moving forward with our goals of creating a great environment for development.
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“Franklin County is the only county in Ohio to hold this upgraded outlook rating. We have worked tirelessly during this recession to maintain fiscal sustainability with prudent financial planning,” said Commissioner Paula Brooks. “And we will continue to do so as we work together to lift up those that are struggling and to keep Franklin County among the best managed counties in America.”

“Our ability to borrow at such a great rate allows us to effectively partner with the private sector on great projects like Huntington Park and the new downtown convention hotel,” said Commissioner John O’Grady. “This rating puts us in a unique position among our peers nationally.”