Moody’s, S&P affirm Lucas County’s strong credit ratings, cite sound fiscal management practices
TOLEDO, Ohio — Lucas County has again received strong ratings from two leading credit rating agencies that analyze risks for investors, reaffirming the county’s solid financial position and sound fiscal management.
“We are proud of our responsible fiscal management practices that allow us to invest in economic development and improve our county’s infrastructure while maintaining stable day-to-day operations,” the Lucas County Commissioners said in a joint statement. “These ratings are a testament to our diligent stewardship of public dollars and reflect our ability to continue to deliver high-quality services and programs to our residents and businesses.”
S&P Global Ratings affirmed Lucas County’s general obligation long-term rating as AA. The rating “reflects our view of a broad and diverse economy anchored by Toledo, healthy reserves, and a robust financial management framework,” S&P wrote in its report.
The agency also assigned its SP-1+ short-term rating to the County’s $37.5 million series 2025 economic development nontax revenue bond anticipation notes and to the County’s $18.2 million series 2025 limited-tax general obligation various-purpose improvement bond anticipation notes.
The economic development notes pertain to the redevelopment of the downtown Hilton Garden Inn and Hilton Homewood Suites attached to the Glass City Convention Center. The various-purpose improvement notes help finance water and sewer projects throughout Lucas County.
Moody’s Ratings maintained an Aa2 issuer rating on Lucas County and noted our “strong financial position” in its report. The agency also maintained an Aa2 rating on Luas County’s outstanding long-term general obligation limited tax debt.
Lucas County has held an Aa2 rating, the third-highest on the agency’s scale, since 2011.
Moody’s assigned a MIG 1 rating to Lucas County’s various purpose improvement notes, Series 2025.
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