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Summary: Cincinnati, Ohio; General Obligation Sep 09
Standard & Poors, September 2009
The 'AA+' rating on Cincinnati, Ohio's series 2009C unlimited-tax general obligation (GO) refunding bonds reflects the following credit factors: A deep and diverse economic base; Maintenance of reserve levels above the city's stated policies; Financial management practices that we consider to be good; and Limited additional debt needs. The city's reliance on economically sensitive income taxes, although 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 2009C GO bonds include a municipal income tax pledge, but are ultimately secured by the city's full faith and credit GO pledge. Cincinnati has a population of about 330,000 and is the center of a substantial economic base. The economy...
Companies mentioned in this report are:
Action: New Rating
Action: Outlook: Stable
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