Ohio Water Development Authority -- Moody's Upgrades to Aa2 and Affirms VMIG 1 Ohio Water (TimkenSteel) LOC-backed Ser. 2001 Bonds

New York, September 01, 2016 -- Moody's Investors Service has upgraded to Aa2 from Aa3 the long-term rating and affirmed the VMIG 1 short-term rating of the letter of credit backed Ohio Water Development Authority Multi-Modal Interchangeable Rate Water Development Revenue Refunding Bonds (TimkenSteel Project) Series 2001 (the Bonds) in connection with the substitution of the existing letter of credit from Northern Trust Company with a letter of credit (LOC) provided by JPMorgan Chase Bank, N.A. (the Bank). The substitution is scheduled to take place on September 1, 2016.

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