City of Green Credit Rating Improved to AA+ for General Obligation Bonds
Green, OH – Mayor Norton is pleased to announce that Standard and Poor’s has revised the outlook for the City of Green’s general obligations bonds from AA with a positive outlook to AA+ -- the fourth rating increase the City has received from Standard and Poor’s since 2008.
According to the Standard and Poor’s explanation, the rating improvement is based on the fact that the city has a “maintenance of very strong reserves” and that Green has “continued economic growth.”
In addition, the AA rating, as stated in the rationale from Standard & Poor’s, “reflects… the City’s access to the diverse Akron and Canton, Ohio economies; very strong wealth level and strong income level; very strong financial position; and moderate overall debt burden.”
“This improved outlook continues to validate our conservative fiscal philosophy,” said Mayor Norton. “And I fully expect to continue to see our rating increase in the future.”
Recent and Future Growth in Green
Both Akron General and Summa Health Systems have opened new stand alone emergency departments this year. And this month Akron General will open its new Lifestyles Health and Wellness Center. With these new facilities, two new business/retail parks with a combined 200+ acres – Heritage Crossings and Union Square – opened up for further development along Massillon Road. In January 2012, Diebold, Inc. announced its preferred location for its new world headquarters is located in Green. And ACME Fresh Markets announced a new store location in Green with construction set to begin in fall 2012.
“By maintaining this rating for our bonds, the city will save thousands of dollars over the life of the notes and bonds in interest expense,” said Mayor Norton. “Also, this rating reaffirms our City’s financial strength, which positions us well for continued economic growth.”
In addition, the city currently holds an AAA bond rating for income tax revenue bonds.
The City of Green, Ohio, founded in 1992, is a prosperous, progressive and promising city with more than 25,000 residents. Approximately 33.5 square-miles, Green is located in southern Summit County. Visit www.cityofgreen.org.