COLUMBUS, Ohio (AP) — The repeal of Ohio's collective bargaining law has no immediate credit impact on the state or its local governments, according to an analysis by a top ratings agency.

More than 61 percent of voters rejected the law in last week's election. The measure restricted the collective bargaining rights of Ohio's more than 350,000 teachers, firefighters, state employees and other public workers. Among other provisions, public employees would have been required to pay at least 15 percent of their health insurance.

The law's repeal is expected to have "minimal fiscal impact" on the state, Fitch Ratings said in an analysis last week. Part of the agency's reasoning is that anticipated savings from the legislation were not assumed when lawmakers drafted Ohio's two-year budget, and state employees already contribute 15 percent toward their health insurance.