S&P Global Ratings lowered its long-term rating to 'A+' from 'AA-' on Akron, Ohio's general obligation (GO) and nontax revenue debt. At the same time, S&P Global Ratings lowered its long-term rating to 'A' from 'A+' on the city's appropriation-backed debt. The outlook is negative. The rating action reflects our view that the city's credit profile is more vulnerable to recessionary pressures brought on by the COVID-19 pandemic given its reliance on economically sensitive income tax revenue, in combination with its lower reserves and elevated fixed costs, which we believe constrain its budgetary flexibility. Securing the city's limited-tax GO debt are the city's full faith, credit, and resources and an agreement to levy ad valorem property taxes subject to the
