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Cuyahoga County, Ohio, Raises Israel Bonds Investment to the Near-Maximum $9 Million

In October 17, 2012, Standard & Poor’s affirmed Israel’s A/A-1 sovereign credit rating, with an outlook of ‘stable.’

Cuyahoga County Executive Armond Budish

Cuyahoga County, Ohio, will expand its Israel bonds holdings from $5 million to $8 million in 2015, according to County Executive Armond Budish, the Cleveland Jewish News reported.

As of the 2010 census, the population of Cuyahoga County is 1, 280, 122, making it the most populous county in Ohio. The county seat is the great city of Cleveland.

Israel bonds are debt securities issued by the Government of Israel. The idea to float these bonds was conceived by Israel’s first prime minister, David Ben-Gurion, in the aftermath of the 1948-9 War of Independence.

In October 17, 2012, Standard & Poor’s affirmed Israel’s A/A-1 sovereign credit rating, with an outlook of ‘stable.’

In November 29, 2013, Fitch Ratings set Israel’s credit rating at ‘A, ’ and raised its outlook to ‘positive.’

“Expanding our holdings in Israel bonds is one of the best ways to strengthen Cuyahoga County’s financial outlook for the long term, ” Budish, a Beachwood Democrat, said in a news release. “I applaud our fiscal department for its work to invest an additional $3 million in Israel bonds to help ensure our fiscal solvency.”

Cuyahoga County first invested $5 million in Israel bonds in 2006. Now their investment advisory committee approved the county’s purchase of an additional $3 million, bringing the county’s holdings close to the maximum investment level.

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