Finance Authority’s Bond Fund Achieves Upgrade of its Investment Rating
Today, the Columbus-Franklin County Finance Authority announced that Standard & Poor’s (S&P) Global Rating Services upgraded its Central Ohio Bond Fund from a BBB+ to an A- investment rating.
“Along with our Financial Advisor, DiPerna Advisors, we’ve been able to provide creative financing solutions through our Central Ohio Regional Bond Fund to fund impactful projects in the region. With the rating upgrade, we’ll provide our clients a lower cost of funds on new and existing development projects in Central Ohio,” said Jean Carter Ryan, President of the Finance Authority.
A key factor contributing to S&P’s upgrade is an increase of the Finance Authority’s Letter of Credit to $10 million. This allows for the Finance Authority to issue over $100 million in bonds through the Central Ohio Regional Bond Fund. To date the bond fund has financed 22 projects and issued $56.9 million in bonds for projects in the urban core, suburban mixed-use properties and energy improvements throughout Franklin County.
About the Columbus-Franklin County Finance Authority: The Columbus-Franklin County Finance Authority is a public agency designed to facilitate capital investments by the private, non-profit and public sectors in Central Ohio. The Finance Authority is an eligible issuer of tax-exempt and taxable debt. The Finance Authority works in partnership with traditional lending institutions and other public partners, acting as a valuable resource for your financing options. The Finance Authority has issued more than $1.7 billion in bond financing in Central Ohio.