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Summary: Cincinnati, Ohio; General Obligation Sep 09

  • ID: 1951861
  • September 2009
  • Region: Ohio
  • Standard & Poors
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Abstract
The 'AA' long-term rating assigned to Cincinnati, Ohio's recovery zone facility revenue bonds series 2009A (Graeter's Manufacturing Co. project) reflects the city's: Nontax revenue pledge, and General creditworthiness (AA+/Stable general obligation (GO) debt rating). The city will use bond proceeds to make a low-interest loan according to a funding and redevelopment agreement related to improvements at the Graeter's Manufacturing Co. facility. Debt service is secured primarily with the following: Loan repayments received by the developer; Nontax revenue sources consisting of fines, forfeitures, penalties, licenses and permit fees; and A $2 million deposit held by the trustee in a dedicated economic development fund. The city expects that the loan repayments will sufficiently cover debt service payments on the 2009A bonds. If...

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 READ MORE >

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- Cincinnati

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