The Board of Mahoning County Commissioners and the Mahoning County Auditor will hold a Press Conference on Thursday, September 13, 2018 at 9:00AM in Mahoning County Court House Rotunda
“Standard & Poor’s Global Rating Agency (S&P) raised its long-term rating on Mahoning County, Ohio’s existing (GO) bonds to ‘AA-’ from ‘A+’. The outlook is stable.”
The S&P report stated, “The raised rating reflects our opinion of the county’s ability to adjust to changes in revenues while continuing to achieve positive financial operations and grow its reserves driven by its conservative budgeting and strength of management.”
The County strengths in the S&P report were: Strong budgetary performance, Strong management, Very strong budgetary flexibility, Very strong liquidity, Very strong debt and contingent liability profile, and Strong institutional framework. The one weakness listed in the report is the economy.
“The increase in the rating is a testament to the consistent message that has been presented over the last three years to S&P and even prior to that. We have worked through the swings in revenue ups and downs with the help of the Mahoning County citizens, cooperation within County Government and the unions. S&P has acknowledged that effort with a raise in our rating.” Anthony T. Traficanti; President, Board of Mahoning County Commissioners.
The raised ratings allow the County to issue debt without the added cost of bond insurance required in the single ‘A’ categories. It provides a better position in the market and lowers the initial and long term costs of capital.
“In the scheme of things and with the MCO and the way the County has managed its overall debt responsibilities it has been arduous to get to the ‘AA-‘ category, and long overdue in my opinion for a couple of years. It is in my opinion a testament of strong, responsible, hardworking, competent elected officials and administrators. I congratulate all of you for the conscientious management these years. No more need for Bond Insurance with this rating.” Omar Ganoom, Managing Director, Boenning and Scattergood, Inc.
The Board of Mahoning County Commissioners David C. Ditzler, Carol Rimedio-Righetti, and Anthony T. Traficanti and the Mahoning County Auditor Ralph Meacham wish to acknowledge that the raised rating would not have been attainable without the cooperation of all Elected Officials, department directors, staff, and our investment banker. Fiscal responsibility does not stop at the Commissioners or the Auditor, it requires the cooperation of the complete County government through transparency in the budget process and daily operations of each department. Making sure that essential services are provided to the citizens of Mahoning County while striving to achieve efficiencies in the process. Moving the County forward and building on the good things that are happening in the Valley.
Contact: Anthony T. Traficanti
Email: [email protected]