Stadium fund bonds downgraded
CINCINNATI, OH - NOVEMBER 27: Cedric Benson #32 of the Cincinnati Bengals tries to run the ball in to the end zone but is stopped by D'Qwell Jackson #52 and Kaluka Maiava #56 of the Cleveland Browns at Paul Brown Stadium on November 27, …
Posted: 05/29/2012
CINCINNATI - Hamilton County took a hit from Moody's Investor Services.
The county's outstanding stadium tax bonds were downgraded from A1 to an A2 rating. This move will make it more expensive for the county to borrow money in the future.
Moody's report shows that Hamilton County has about $558.5 million in outstanding tax revenue debt.
It also sites the county's operating budget, stagnate revenue from the sales tax and the negative outlook of the county's debt.
Moody's warned commissioners of a possible downgrade in October when they voted to sell Drake Hospital to help close the stadium fund gap.
To read the full report, click here (http://media2.wcpo.com/pdfs/HamiltonCountySalesTaxratingupdate.pdf) .
Copyright 2012 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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