Last week, Standard and Poor’s had some bad news for Ed Fitzgerald and his Cuyahoga County government. Their credit rating was lowered. From Andrew Tobias of the Plain Dealer:
CLEVELAND, Ohio — A major bond rating agency has downgraded its assessment of the Cuyahoga County government’s fiscal condition.
Standard & Poor’s on Oct. 11 announced it was lowering Cuyahoga County’s general obligation bonds down one notch on its rating scale.
Interim County Fiscal Officer Mark Parks informed council of the rating downgrade during a public meeting Thursday morning. He said he wasn’t sure when the last time a downgrade in the county’s credit rating had occurred, but he believed “it’s been a very long time.”
I guess it shouldn’t be surprising that an area run by Democrats has had its credit rating take a hit, just like the U.S. government under Barack Obama.
Speaking of government credit ratings, how has the state government fared under Governor Kasich’s budgets?
Oh yeah. The state’s credit outlook improved.
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&P also said Ohio is experiencing a modest economic recovery which has stabilized revenue.
Government credit rating under Fitzgerald: declined. Under Kasich: Improved.
Pretty illustrative contrast, really.