Ohio

CHICAGO — Moody’s Investors Service Friday revised its outlook to negative from stable on Cincinnati’s general obligation debt as the city faces declining income tax revenue, which makes up nearly two-thirds of its general fund.

Toledo Mayor Mike Bell last week said he decided not ask voters to increase the city’s income tax but will support a proposal giving it greater flexibility in how it spends part of the revenue.

Standard & Poor’s last week awarded a three-notch upgrade to the Lake Michigan Shoreline Water and Sewage Treatment Authority based on the strengthened credit quality of two of its members.

Ohio will sell $146 million of general obligation bonds Monday in a transaction that includes $120 million of new-money taxable Build America Bonds and just under $26 million of fixed-rate tax-exempt refunding bonds.

Moody's Investors Service assigned a negative outlook last week to the Greater Cleveland Regional Transit Authority's outstanding limited-tax general obligation debt, saying it faces a number of economic and fiscal challenges, including depleted reserves and a steep decline in its main revenue source.

Moody's Investors Service downgraded the Health Alliance of Greater Cincinnati to A2 from A1 after two hospitals separated from the five-hospital system and two more have said they intend to leave. The outlook remains negative.

BRADENTON, Fla. — The new bi-state authority created by Kentucky and Indiana to develop a $4.1 billion finance plan to build new bridges over the Ohio River met for the first time Tuesday in an organizational session.

CHICAGO — The Ohio legislature yesterday approved a bipartisan measure to put a $700 million general obligation bond proposal on the May ballot to finance one of the state’s largest jobs program through 2016.

CHICAGO — Suburban Cincinnati’s largest mall has failed to make its last two debt service payments — and is not expected to make its upcoming payment in February — leaving the Port of Greater Cincinnati Development Authority and a pair of suburbs scrambling to figure out how to pay the debt once the reserve fund is drained.

CHICAGO — Cleveland’s single-A rated University Hospitals Health System Inc. plans to open a retail order period Monday for roughly $92 million of refunding bonds in a transaction that will shift a chunk of the system’s variable-rate debt into a fixed-rate mode.

CHICAGO — Ohio Gov. Ted Strickland used his fourth state of the state address yesterday to highlight a growing alternative energy industry he said would help spark an economic renewal and push lawmakers to approve a $950 million bond program that would finance a technology jobs program.

CHICAGO — Ohio’s Kenyon College will enter the market today with $102.4 million of refunding bonds to refinance all of its variable-rate debt into fixed-rate mode.

CHICAGO — Ohio would create up to 24 new bond-issuing authorities across the state with the ability to impose tolls to finance transportation projects under a bill the House passed last week.

CHICAGO — The Franklin County Convention Facilities Authority will enter the market today with $160 million of lease-backed taxable Build America Bonds to finance construction of a Hilton hotel in downtown Columbus, adjacent to the Ohio city’s convention center.

CHICAGO — Ohio voters would get to vote on a plan to issue up to $950 million of general obligation debt to finance a popular jobs technology program under a resolution passed by the Democrat-controlled state House this week.

CHICAGO — Cincinnati-based Xavier University will enter the market today with $48 million of general obligation lease rental bonds.

CHICAGO — Ohio State University today will begin taking retail orders on a refunding issue that will range in size from $154 million to $274 million in order to eliminate some of the school’s variable-rate debt and achieve savings on its existing fixed-rate bonds.

CHICAGO — The Ohio Water Development Authority today will begin taking retail orders on $400 million of new-money bonds in a transaction that could include some taxable Build America Bonds.

CHICAGO — Cleveland-based MetroHealth System is expected to enter the market today with $75 million of taxable Build America Bonds and possibly another series of tax-exempt fixed-rate debt to finance capital projects.

CHICAGO — Ohio plans to enter the market next week to refund $271 million of general obligation debt in a transaction that is expected to save the struggling state up to $740 million over the next two years.