Cleveland-Cuyahoga County Port Authority - conduit for TAFS - Fitch Rating dropped Port in 2010 - DROP ANCHOR Issue 108

Submitted by Jeff Buster on Sat, 11/03/2012 - 11:02.

 

What the Port Authority won't tell you, is that between all the TIFs that they use to pay for several of the bonds they issue, local municipalities are getting screwed out of tax revenue for their schools and to operate the municipality.   The term TIF  (Tax Increment Financing) is an intentional deception -   funny money terminology - so the public dozes off...

TAX AVOIDANCE FINANCING (TAF) is the honest terminology.

Vote No on Cleveland-Cuyahoga County Port Authority (CCCPA) ballot tax increase levy Issue 108.  Close the Authoriity down.

In 2010 Fitch Rating Service dropped their ratings on Ohio's Port Autorities.  

FITCH DROPPED ANCHOR ON THE PORT AUTHORITY TWO YEARS AGO!   FUNNY MONEY BONDS!   Here's Fitch's statement on Business Wire:

 

August 20, 2010 04:41 PM Eastern Daylight Time 

Fitch Withdraws Ratings on 6 Ohio Port Authority Pooled Loan Programs

 

NEW YORK--()--Fitch Ratings has withdrawn its ratings on the following:

--Cleveland-Cuyahoga County Port Authority (Bond Fund Program) development revenue bonds rated 'BBB-';

--Toledo-Lucas County Port Authority (Northwest Ohio Bond Fund Program) development revenue bonds rated 'BBB-';

--Summit County Port Authority (Bond Fund Program) - development revenue bonds rated 'BBB-';

--Lorain County Port Authority (Lorain county Port Authority Bond Fund) development revenue bonds rated 'BBB+';

--Columbus-Franklin County Finance Authority (Central Ohio Regional Bond Fund) development revenue bonds rated 'BBB+';

--Dayton-Montgomery County Port Authority (Dayton Regional Bond Fund) development revenue bonds rated 'BBB+'.

As part of its ongoing review of the process and methodology for ratings based on portfolios of credits, Fitch has determined that an enhanced level of information and more active review of the credit quality of the underlying participants in each of these funds is appropriate, especially given these pools' less diversified nature where relatively few distinct exposures can significantly influence the published bond fund rating.

Items considered when determining the feasibility of evaluating underlying pool participants include, but are not limited to, the availability and timeliness of audited annual and interim financial statements, accessibility of management, and participant size.

A number of the current borrowers in these pools do not meet Fitch's enhanced standards for determining credit quality and Fitch expects that some future borrowers may also not be able to meet certain information requirements. Consequently, Fitch will no longer provide coverage on the six port authority pooled loan programs listed above.

Additional information is available at www.fitchratings.com

 

 

 

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