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The Suburbanite
  • Green credit rating gets boost with bond rating

  • Standard & Poor’s has revised the outlook for the city of Green’s general obligations bonds from AA with a positive outlook to AA+ -- the fourth rating increase the City has received from Standard and Poor’s since 2008.

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  • Standard & Poor’s has revised the outlook for the city of Green’s general obligations bonds from AA with a positive outlook to AA+ -- the fourth rating increase the City has received from Standard and Poor’s since 2008.
    According to the Standard & Poor’s explanation, the rating improvement is based on the fact that the city has a “maintenance of very strong reserves” and that Green has “continued economic growth.”
    In addition, the AA rating, as stated in the rationale from Standard & Poor’s, the rating “reflects… the city’s access to the diverse Akron and Canton economies; very strong wealth level and strong income level; very strong financial position; and moderate overall debt burden.”
    “This improved outlook continues to validate our conservative fiscal philosophy,” said Green Mayor Richard Norton. “And I fully expect to continue to see our rating increase in the future.”
    The highest rating offered by Standar & Poor's if AAA. The rating boost is just the latest shot of positive economic news for the city.
    Both Akron General and Summa Health Systems have opened new stand alone emergency departments this year. 
    This month Akron General will open its new Lifestyles Health and Wellness Center.
    With these new facilities, two new business/retail parks with a combined 200+ acres – Heritage Crossings and Union Square – have opened up for additional development along Massillon Road. 
    In January, Diebold Inc. announced its preferred location for its new world headquarters is located in Green.
    ACME Fresh Markets announced a new store location in Green with construction set to begin in the fall. 
    “By maintaining this rating for our bonds, the city will save thousands of dollars over the life of the notes and bonds in interest expense,” Norton said. “Also, this rating reaffirms our city’s financial strength, which positions us well for continued economic growth.”  
    In addition, the city currently holds a AAA bond rating for income tax revenue bonds