Wadsworth Credit Rating Upgrade
STANDARD & POOR'S AFFIRMS THE CITY OF WADSWORTH AA+ RATING on INCOME TAX REVENUE BONDS
Standard & Poor's Ratings Services has again rated the City of Wadsworth as AA+ on its Ohio's series 2010 income tax revenue bonds (funding the Community Center). The rating reflects 2011 financial results, as well as an expectation that income tax revenues will continue to provide the needed debt service for the future. This is based on recent results and trends in income tax collection, as well as our income tax base (a diverse employment base in Wadsworth and nearby cities), and Medina County unemployment rates, more than 1% below the state and national averages.
STANDARD & POOR'S AFFIRMS THE CITY OF WADSWORTH's GENERAL OBLIGATION RATING of AA
In its summary of December 4, 2013, Standard & Poor's Ratings Services affirmed the City of Wadsworth as AA on its general obligation (GO) rating. The rating reflects Standard & Poor's assessment of a number of factors, details of which are outlined in the summary at the link below. They include assessment of the City's economy, budgetary flexibility and performance, liquidity position, city management, debt and contingent liabilities profile, the City's contributions to retirement and pension funds, and an institutional framework score.
The summary reflects Standard & Poor's expectation that the City's reserves and liquidity will remain very strong, even with planned deficits for the current and next fiscal years, and that the City's budgetary performance will not deteriorate markedly in the coming years.