On March 28, rating agency Standard & Poor's (S&P) upgraded the Ohio Enterprise Bond Fund (OEBF) two levels to AA+ from AA-, citing a very strong risk profile and sound financial policies as key factors, the state treasurer's office announced. The state treasurer's office stated that this was the first OEBF ratings increase by S&P since 2003, when they raised the fund from an A- rating to AA-.
OEBF was created in 1988 to promote economic development, create and retain quality jobs, and assist governmental operations. The program enables nonprofit and for-profit borrowers to access national capital markets through bonds issued through OEBF. The program is administered by the Ohio Department of Development and financing is provided by the state treasurer of Ohio. These positive ratings benefit state taxpayers through lower borrowing costs, which in the case of OEBF, translates into lower rate capital being provided to companies looking to create a presence and jobs in Ohio. For more, read the press release and the S&P summary here. For more on the OEBF program guidelines, read here.
