Executive Pry's Fiscal Plan for Summit County Receives Positive Reviews from Independent Investor Service

On Wednesday, January 23, 2008, Standard & Poor’s Investor Service affirmed the County of Summit’s “AA/Stable” bond rating after reviewing the County of Summit’s current and projected financial picture.

Standard & Poor’s is the world’s foremost provider of independent credit ratings. The company supplies investors with the independent benchmarks they need to feel more confident about their investment and financial decisions.

In a recently released Standard & Poor’s financial assessment, the investor service cited the County of Summit as having:

• A consistent and strong financial position
• A good tax-base
• A healthy financial position with solid fund balances
• A manageable/moderate debt burden, coupled with manageable future bonding needs
• Diversity among the 10 largest taxpayers
• Good financial management practices
• Income levels, as measured by effective buying income, on par to slightly above state and national levels

In addition to these points, Standard & Poor’s found the County of Summit to be strong in the areas of sound budget development, monitoring processes, and long-term financial & capital planning.

The financial report also noted the recently announced plans of the Goodyear Tire & Rubber Company to stay in Akron, Ohio and build a new world headquarters as being central to a multiphase plan. When completed in 2014, the project will encompass mixed used redevelopment of the current headquarters at a total cost of $900 million, 75% from private investment.

“This report has provided us with a confirmation that our budget management practices are fiscally responsible,” said Summit County Executive Russell M. Pry. “Because we are fiscally sound, we are able to assist the Goodyear Tire & Rubber Company, and keep its 3,000 jobs in Summit County.”

As for the future, Standard & Poor’s believes that the County of Summit is beginning to feel the impact of economic slow down; however, its strong financial position should enable it to maintain bondholder security despite the short-term budgetary outlook. The stable outlook reflects Standard & Poor’s expectation that the County of Summit’s strong financial operations will continue, including the maintenance of healthy reserves.

“I am very pleased with the findings reported by Standard & Poor’s.” added Pry. “It is always good business to have an independent, outside review of our fiscal condition and current budget management practices.”