The Northwest Ohio Bond Fund now boasts a BBB+ credit rating with a stable outlook as a result of Standard & Poor’s (S&P) recent upgrade of the fund’s bond portfolio. The bond fund, administered by the Toledo-Lucas County Port Authority, was upgraded from BBB to BBB+ by S&P for reasons including the fund’s strong risk profile, management policies and historical performance. The credit rating upgrade from S&P — a pre-eminent provider of financial credit ratings — will help the port authority continue to attract and retain strong businesses, and will assist in job-creation activity in the northwest Ohio region.
Nationally viewed as a leader in economic development and business financing, the Toledo-Lucas County Port Authority is uniquely positioned to help improve northwest Ohio’s economy. Beyond its namesake responsibilities of overseeing maritime and airport assets, the port authority devotes much of its efforts to funding projects aimed at job growth. The Northwest Ohio Bond Fund serves as one of the authority’s primary vehicles for delivering economic development services. Private investors purchase bonds issued by the authority as a means for providing businesses with access to capital funding — all without significant reliance on taxpayer dollars. More than just investors benefit from strong bond fund performance. Businesses, manufacturers, nonprofits and governments can access long-term, fixed interest loans and, under the proper circumstances, can access the bond fund’s tax-exempt issuing authority.
Since its inception in 1984, the Toledo-Lucas County Port Authority’s bond fund has assisted on more than 300 economic development projects, invested more than $1 billion in northwest Ohio, and helped create and retain over 15,500 jobs. For more information on the authority’s economic development efforts, visit its website.
