Warrensville Heights (City of) OH -- Moody's confirms A1 rating on Warrensville Heights (City of), OH's GOLT debt

New York, January 28, 2014 -- Moody's Investors Service has confirmed the A1 rating on Warrensville Heights (City of), OH's $10.8 million in outstanding rated general obligation limited tax debt and removed the rating from review. The city's outstanding GOLT debt is secured by the city's full taxing authority, subject to the Ohio statutory 10-mill limitation. Concurrently, Moody's has also confirmed the A3 rating on the city's $9.7 million in outstanding rated certificates of participation and removed the rating from review. The two notch distinction between the city's underlying rating incorporates both the risk of non-appropriation and the non-essentiality of the project, a recreation facility owned by the city and operated by the YMCA of Greater Cleveland. Moody's placed these ratings under review with direction uncertain on December 27, 2013 due to the lack of audited fiscal 2012 financial information, which has since been received.

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