… I’m going to save the best stuff for Monday.
S&P upgrades Ohio rating, warns on U.S. debt
Standard & Poor’s Ratings Services upgraded Ohio’s debt rating just one day after it put the United States on “creditwatch negative” on what it calls a rising risk of policy stalemate in the debt limit negotiations.
For Ohio, the rating was revised from “negative” to “stable” after Gov. John Kasich signed a new budget the ratings agency says will essentially balance the state’s finances for the next two years. S&P also said Ohio is experiencing a modest economic recovery which has stabilized revenue.
In making the upgrade, the agency also assigned a “AA+” long-term rating to Ohio’s $416.75 million general obligation bonds.
“After a significant decline through the recession, Ohio’s economy is steadily recovering,” according to S&P’s statement issued Friday.
… It is that move in Ohio and the massive spending cuts signed into the new budget by Kasich that have given the state a more positive outlook from the S&P. However, those political actions have been controversial, and led to massive protests throughout Ohio and around the country.
Of course, the sour grapes from BizJournals reporter Joe Cogliano about “massive spending cuts” is a bunch of baloney, as will be demonstrated on Monday, along with an absolutely brilliant punch line from another media source.