Development Finance Authority of Summit County (DFA) Receives Rating Upgrade from Standard & Poor's

AKRON – (July 23, 2012) The Development Finance Authority of Summit County announced today Standard & Poor’s has upgraded the long term rating of the DFA’s Jobs & Investment Fund (Bond Fund) to BBB+ with a stable outlook from BBB. The summary rationale from S&P is attached. The DFA’s Bond Fund, in effect since 2004, has originated $55 million in bonds to finance 17 projects in six Northeast Ohio counties. The Fund has financed manufacturing and distribution facilities, private non-profit, corporate, government and tax-increment-financing (TIF) projects.

Patricia McKay, Chair of the DFA Board said, “We’re pleased to have the BBB+ rating; we believe it reflects the diversity of our bond pool and recognizes the prudent management policies and practices we have adopted.” Chris Burnham, president of DFA, noted, “We have available capacity in the fund for projects seeking financing in the amount of $1 million to $5 million.”

For more information on the Development Finance Authority of Summit County (DFA) and the Jobs & Investment Fund, see Financing under Services on this website.