...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. Under our priority-lien tax revenue debt criteria, we see a close relationship between the priority lien pledge and the city's general creditworthiness given that income tax revenue represents the city's main operating revenue. Therefore, the city's general creditworthiness, as reflected by the GO rating, constrains the 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...
