For the first time in its 26-year existence, the Toledo-Lucas County Port Authority’s Northwest Ohio Bond Fund has received an “A-” investment grade rating with a stable outlook from Standard & Poor’s (S&P), up from its previous “BBB+” rating. According to a press release from the port authority, key factors contributing to the upgrade include “a zero percent default rate to bondholders” and “a current reserve-to-loan ratio of 50 percent.” The release also states that the port authority “has developed a national reputation for innovative business financing, assisting more than 340 economic development projects representing a total investment of more than $1.8 billion while helping to create and retain more than 18,500 jobs.” For more, read the full release.
S&P upgrades Northwest Ohio Bond Fund rating to “A-”
