The rating upgrade on Cuyahoga County, Ohio's bonds reflects: * Ongoing strength in the county's economic base, * Sound financial management that enabled the county to restore financial reserves during the past three years following large investment losses in 1994, and * Manageable debt. Offsetting factors include ongoing cost pressures in the areas of social services and criminal justice, which will test county management to achieve programmatic goals while maintaining a strong financial position. The county's economy continues to perform well, reflective of the overall strength of the national economy. Job growth continues to be led by the service, health care, and financial sectors, although manufacturing remains a significant component of the Cleveland area economy. With steady employment gains each
