CHICAGO (S&P Global Ratings) Aug. 18, 2020--S&P Global Ratings revised the outlook to negative from stable and affirmed its 'AA-' long-term rating on Akron, Ohio's series 2011 joint economic development district revenue refunding bonds. The outlook revision reflects a similar action on the city general obligation rating. We consider the city's social risks above average compared with those of the sector given a weak socioeconomic profile and long-term risks associated with teleworking. Approximately 65% of the city's income tax revenue is collected from a withholding tax on nonresidents who work in the city. We see emerging risk that societal changes stemming from the COVID-19 pandemic could threaten this revenue structure in the long term. The pandemic has forced many to
