Fitch Ratings said it downgraded Brook Park, Ohio's $2.5 million in outstanding limited tax general obligation bonds and its implied unlimited tax general obligation bonds to AA-minus.
Fitch assigned an AA-minus rating to the city's $5,650,000 LTGO various purpose improvement bonds, series 2013.
The bonds are expected to price the week of Sept. 16 and will fund various capital improvements.
The rating outlook is stable.
The city has pledged its full faith and credit and its ad valorem tax subject to a 10-mill limitation.
The reflects continued economic weakness in terms of long-run population and employment loss and a decline in assessed valuation outside management's prior expectations. Further, the city's financial cushion has eroded since 2008 from once robust levels. Recently announced economic developments will further concentrate economically sensitive income tax revenue derived from Ford Motor Company.
