Fitch Affirms Claymont City School District, OH's $3.9MM Tax GO Bonds at 'A'

2009-01-14 02:42:00 -

In the course of routine surveillance, Fitch affirms Claymont City School District, OH's $3.9 million of outstanding unlimited tax general obligation (GO) bonds at 'A'. The Rating Outlook is Stable.


The 'A' rating reflects the district's strong record of voter support for renewal levies with the majority of property tax receipts in the form of a permanent levy, below average income levels and below average tax collection rates. The district's stable financial reserve position is vulnerable given its high dependence on state aid, totaling over 70% of revenues in 2009, and likely need for additional recurring revenue. The district encompasses 73 square miles and serves the city of Uhrichsville and village of Dennison in Tuscarawas County, OH with three elementary schools, an intermediate school, a junior high and high school.


Fitch issued an exposure draft on July 31 proposing a recalibration of tax-supported and water/sewer revenue bond ratings which, if adopted, may result in an upward revision of this rating (see Fitch research 'Exposure Draft: Reassessment of the Municipal Ratings Framework'). At this time, Fitch is deferring its final determination on municipal recalibration. Fitch will continue to monitor market and credit conditions, and plans to revisit the recalibration in the first quarter of 2009.


Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.








Fitch Ratings, New York

Jessalynn K. Moro, 212-908-0608

Michael Rinaldi, 212-908-0833

Cindy Stoller, 212-908-0526 (Media Relations)

cindy.stoller@fitchratings.com