NEW YORK - Moody's Investors Service has upgraded to Aa3 from A1 the underlying general obligation limited tax rating of Defiance County, Ohio. The Aa3 rating applies to $3.95 million of outstanding rated general obligation limited tax debt.
The outstanding bonds are secured by the county's general obligation limited tax pledge subject to the statutory ten mill limitation. The upgrade to the Aa3 rating reflects the county's healthy General Fund reserves with stable trends despite reliance on economically sensitive operating revenues and strong financial management. The Aa3 rating additionally incorporates the county's moderately-sized and stable tax base located in northwest Ohio (Aa1/negative outlook); slightly below average socioeconomic characteristics; and low debt burden.
