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...
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Action: New Rating
Action: Outlook: Stable
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