Skip to main content

Romanchuk Celebrates "AAA" Credit Rating for Ohio

September 13, 2022
Mark Romanchuk News
COLUMBUS—State Senator Mark Romanchuk (R-Ontario) celebrated the announcement last week that Fitch Ratings upgraded Ohio’s long-term Issuer Default Rating (IDR) from “AA+” to “AAA” reflecting the state’s financial resilience and budget management.

"This fantastic rating is a result of Ohio's excellent stewardship of taxpayer dollars and strong economic policies driving growth and innovation," Romanchuk said. "I am proud of our state's fiscal responsibility over the last several years being cemented with this upgrade in rating."

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

Additionally, 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-".