Newark, OH Issuer Credit Rating And GO Rating Raised To 'AA-' On Surpluses And Increased Reserves

CHICAGO (S&P Global Ratings) March 14, 2019--S&P Global Ratings raised to 
'AA-' from 'A+' its issuer credit rating on Newark, Ohio, and its underlying 
rating (SPUR) on the city's general obligation (GO) debt outstanding. At the 
same time, we assigned our 'AA-' long-term rating to the city's series 2019 
limited-tax GO Buckeye Corridor stormwater plan sewer improvement bonds. The 
outlook is stable.

"The rating action reflects our view of the city's financial improvement, 
represented by three consecutive operating surpluses in the general fund, and 
an increase in reserves, which we think has strengthened the city's budgetary 
flexibility," said S&P Global Ratings credit analyst Benjamin Gallovic.

The stable outlook reflects our assessment of the city's very strong liquidity 
and budgetary flexibility.