CHICAGO — Fitch Ratings yesterday downgraded by one notch to AA Ohio’s $7 billion of general obligation debt due to long-term deterioration in the state’s economy and its impact on state financial operations.

The credit’s outlook was revised to stable from negative. The agency also lowered the state’s appropriation-backed bonds one notch to AA-minus. The downgrade came ahead of the state’s sale of $40 million of GO bonds for coal development projects, scheduled for next week.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.