Summary: Cincinnati, Ohio; General Obligation Mar 08

Standard & Poors, March 2008

Abstract
The 'AA+' rating on Cincinnati, Ohio's series 2008A unlimited-tax various purpose general obligation (GO) bonds and series 2008B unlimited-tax various purpose GO bonds (additional municipal income tax pledge) reflects the city's: Deep and diverse economic base; Good financial practices and strong reserve levels; and Manageable future capital needs, despite above-average debt. The city's reliance on economically sensitive income taxes, though mitigated by efforts to maintain a substantial financial cushion, is an offsetting factor. The city's unlimited-tax GO pledge secures the bonds. The series 2008B GO bonds include a municipal income tax pledge, but are ultimately secured by the city's full faith and credit GO pledge. Cincinnati (population, 317,361) is the center of a substantial economic base that is characterized by...

Companies mentioned in this report are:
- Cincinnati

Action: Affirmed
Action: New Rating
Action: Outlook: Stable

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- Cincinnati

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