mahoning county S&P reaffirms AA- bond rating

Staff report

YOUNGSTOWN

Mahoning County’s AA- bond rating was reaffirmed by Standard and Poor’s, county officials announced.

“This means we did not have to buy insurance again this year to get a higher rating,” Auditor Ralph Meacham told commissioners during that board’s regular meeting Thursday. “Our debt leverage is very much in control. It’s really a testament to how well we’re working together and how responsible everyone’s been.”

The credit rating agency last year raised the county’s long-term general obligation bond rating from A+ to AA- and projected a “stable” outlook for the county, despite “weak” economic indicators.

Officials also discussed Monday’s meeting on a $1.5 million proposal to re-open Youngstown Developmental Center in Mineral Ridge, shuttered in 2017, touting perceived support from the Ohio governor’s office.

“We’re at a place where all we need is [to be] a little flush with cash so we can improve the facilities on campus and turn the lights on,” said Sarah Lown, finance director for the Western Reserve Port Authority, which plans to eventually own and manage the property.

Officials said the YDC campus would seek synergies between the underserved populations whom it would serve, such as skill-sharing and skill-training opportunities.

Audrey Tillis, commissioners’ executive director, said the campus’ large kitchen could eventually produce hot meals for social service programs – meals that are currently delivered from other metro areas, officials said.

County officials have until June 2020 to land startup money to re-open the formerly state-run center, before ownership reverts back to the state.