For Ohio, the rating was revised from "negative" to "stable" after Gov. John Kasich signed a new budget the ratings agency says will essentially balance the state's finances for the next two years. S%26amp;P also said Ohio is experiencing a modest economic recovery which has stabilized revenue.
In making the upgrade, the agency also assigned a "AA+" long-term rating to Ohio's $416.75 million general obligation bonds.
"After a significant decline through the recession, Ohio's economy is steadily recovering," according to S%26amp;P's statement issued Friday.
The agency listed factors such as Ohio's unemployment rate has stabilized and fallen to 8.6 percent through May 2011 from a peak of 11 percent in March 2010. The also state experienced positive employment growth in 2010 and through the first quarter of 2011. However, it said employment remains well below its pre-recession peak.
http://www.bizjournals.com/dayton/news/2鈥?/a>How did newly elected, Republican Governor Kasich manage to get Ohio's credit rating to improve?
Thanks for the info. As an Ohioan who is sick of hearing all these uninformed public union people b|tch about Senate Bill 5 (which strips CB rights), there needs to be blatant evidence that his budget cuts are being done for good reason. ...and even though this bill would hurt my wife, who is a county worker, it needs to be done for the better of our future.
Our troops give their lives to better our country. I'm willing to sacrifice a few funds. It's the least I can do. I wish other simple-minded ignoramus' would feel the same.
Good article.
They gave up a few things here and there.How did newly elected, Republican Governor Kasich manage to get Ohio's credit rating to improve?
That's a Republican for ya!
He must have overspent and blamed it on DEMONcrats. It always works.How did newly elected, Republican Governor Kasich manage to get Ohio's credit rating to improve?
Cut spending and start the process of gutting the unions.
By practicing fiscal responsibility.
*Claps for Ohio*
By doing just the opposite of what Democrats want.
probably cut spending on unfunded liabilities.
He didn't. Their jobs situation improved and they got more revenue. It says it right there in the article.
That's great that he signed a budget budget. WHAT A GUY!!!!
True Conservative values will always mean prosperity.
Because his budget included REVENUES along with massive cuts to schools ($800 million) and local governments ($640 million), higher education (15% cut), nursing homes ($470 million). Of course, there were also tax CUTS for the wealthy.
To balance the FY2012-13 budget, Gov. Kasich and legislators had to address an $8 billion gap between revenue and projected expenditures. However, as revenue projections improved, the budget gap decreased.
Ha!
Yes.... he "improved" their bond rating from "You may as well burn this money as opposed to investing it in the State of Ohio" (aka a NEGATIVE rating).
To..... "you aren't any more likely to lose money in this broke-as-a-joke state than you are in any other." (aka a rating of STABLE).
And the METHOD:
That's easy.... he simply CUT OFF FUNDING to EVERY MUNICIPALITY.
In other words.... he passed the buck.... slashed funding for EVERYTHING.... and then forces LOCAL authorities to raise taxes.
But.... at least to a Republican... that isn't a "tax increase" I guess.
Basically he did EXACTLY what caused S %26amp; P to downgrade the United States.... i.e. kicking the can down the road. And that is an IMPROVEMENT for the morons from Ohio.
Old boy networks work wonders.
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