S&P, Moody's Issue Favorable Ratings

Two major bond agencies credit ratings advance Ohio’s plan to fund the state’s job creation efforts.

STANDARD & POOR’S, MOODY’S ISSUE FAVORABLE RATINGS FOR JOBSOHIO LIQUOR TRANSFER BONDS

COLUMBUS – Two major bond rating agencies published credit ratings yesterday that advance Ohio’s plan to fund the state’s job creation efforts through the transfer of the state’s wholesale liquor enterprise to JobsOhio, Ohio’s new, private sector economic development authority. The ratings of ‘AA’ by Standard & Poor’s and ‘A2’ by Moody’s apply to bonds that will be issued to finance the transfer.

JobsOhio Chief Investment Officer John Minor, Office of Budget and Management Director Tim Keen and Department of Commerce Director David Goodman issued the following joint statement:

“Ohio is taking another step forward in its ongoing effort to create a jobs-friendly climate and help get Ohioans back to work. By dedicating a reliable resource base to JobsOhio’s essential job creation mission, it puts Ohio in a very strong position to continue our economic recovery. It’s valid to interpret the strong ratings received from two major rating agencies as recognition of the soundness of this plan.”

JobsOhio will now move forward in the process of issuing bonds to finance its lease of the liquor enterprise. The Ohio General Assembly authorized in 2011 the transfer of the liquor enterprise to JobsOhio to fund its job creation efforts. 

Contacts:

• JobsOhio: Laura Jones, 614-290-1396, (Enable JavaScript to view protected content)
• Department of Commerce: Lyn Tolan, 614-644-7115, (Enable JavaScript to view protected content)
• Office of Budget and Management: Dave Pagnard, 614-466-6573, (Enable JavaScript to view protected content) 


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