...August 20, 2021 CHICAGO (S&P Global Ratings) Aug. 20, 2021--S&P Global Ratings revised the outlook to stable from negative and affirmed its 'A+' long-term rating on Akron, Ohio's general obligation (GO) and nontax revenue debt and its 'A' long-term rating on the city's appropriation-backed debt. "The outlook revision reflects our view that the city has so far weathered the COVID-19 pandemic without financial deterioration, and that the city's budgetary flexibility has improved, partly because of the receipt of federal stimulus funding," said S&P Global Ratings credit analyst Benjamin Gallovic. We view the city's socioeconomic profile and population decline as elevated social risks, as we believe these factors could inhibit revenue growth and create service pressures in the future. We also view the city's reliance on income taxes from commuters as an emerging social risk given that the pandemic has forced many to shift to working from home. In response, the state approved emergency legislation...
