...S&P Global Ratings revised the outlook to negative from stable and affirmed its '##-' long-term rating on Akron, Ohio's series 2011 joint economic development district (JEDD) revenue refunding bonds. The outlook revision reflects a similar action on the city general obligation (GO) rating. Under our priority-lien tax revenue debt criteria, we see a close relationship between the priority lien pledge and the city's general creditworthiness. Therefore, the city's general creditworthiness, as reflected by the GO rating, constrains the JEDD income tax ratings. The rating action on the GO bonds reflects our view that the city's general creditworthiness is more vulnerable to recessionary pressures brought on by the COVID-19 pandemic given the city's reliance on economically sensitive income tax revenue, in combination with the city's lower reserves and elevated fixed costs, which we believe constrain its budgetary flexibility. For more information on the obligor's creditworthiness, as represented...
