Fitch Affirms Toledo-Lucas County Port Auth, Ohio Revs at 'BBB-'; Outlook Negative

Some quotes:

CHICAGO - (Business Wire) Fitch Ratings affirms its 'BBB-' rating on the $88.3 million Toledo-Lucas County Port Authority, Ohio (the authority) outstanding development revenue program bonds. The Rating Outlook remains Negative.

Fitch views as a positive qualitative credit factor the implicit support of the bond fund by the TLCPA. Negative qualitative considerations include the below-average quality and timeliness of the bond fund borrowers' financial disclosure, the relatively small size of the borrower pool, and the potential for further leveraging of the bond fund's reserves.

The Negative Outlook is based on the continued weakness in the regional economy, which could negatively affect the credit quality of the portfolio, along with the potential for further bond issuance which could dilute the bond fund's reserves to a level below that which is commensurate with the current rating.

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I wonder what shape the Port Authority would be in if Hartung were still in charge. I think it would be much better.

It's about time that a corrupt ratings agency like Fitch admitted that this Rusted-Out City has a negative outlook for its future bond obligations. It should have admitted that a decade ago.

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