...August 18, 2020 CHICAGO (S&P Global Ratings) Aug. 18, 2020--S&P Global Ratings lowered its long-term rating to '##-' from '##' on Akron, Ohio's community learning center (CLC) income tax and basic income tax revenue bonds and series 2012 port facilities revenue refunding bonds. The outlook is negative. The rating action reflects a similar action on the city general obligation (GO) rating. "The income tax ratings reflect our view of Akron's role as an anchor and employment hub, broad and diverse tax base, very strong maximum annual debt service coverage, and income tax revenue activity that has historically demonstrated low volatility over a long-term horizon," said S&P Global Ratings credit analyst Benjamin Gallovic. 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...
