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Governor DeWine announces top “AAA” credit rating for Ohio

Written on Sep 9, 2022

Ohio Governor Mike DeWine, Lt. Governor Jon Husted, and Ohio Office of Budget and Management (OBM) Director Kimberly Murnieks announced that Fitch Ratings upgraded Ohio’s long-term Issuer Default Rating (IDR) to “AAA” from “AA+” reflecting a material strengthening of the state’s financial resilience and budget management, particularly over the past two biennia. 

The rating action is Ohio’s first “AAA” rating with Fitch, which began rating Ohio’s credit in the 1990s and represents the highest rating for Ohio’s IDR by one of the three main rating agencies since 1979. The benefit of a higher credit rating allows Ohio to achieve a lower cost of borrowing which ultimately achieves success on behalf of all taxpayers. 

“This historic move by Fitch to upgrade Ohio's rating to 'AAA' comes as a result of our economic policies and fiscal stewardship that have brought measurable results," said Governor DeWine. “Today's news is additional validation that Ohio’s fiscal management is on solid footing and our economy is surging ahead." 

“This announcement is real-world validation that we have put Ohio on the most solid financial footing the state has enjoyed in decades,” said Lt. Governor Jon Husted. “It shows how fiscally strong and expertly managed we are as a state.” 

In connection with the IDR update, Fitch upgraded Ohio’s General Obligation bond rating to “AAA” from “AA+”, appropriation-backed bonds to “AA+” from “AA”, Ohio School District Credit Enhancement Program Rating from “AA” to “AA+”, and the PPP Grantor Counterparty rating assigned to the Ohio Department of Transportation's Portsmouth Bypass project payment obligations from “A+” to “AA-”.