Hamilton, OH Lease Revenue Bond Rating Lowered To 'A' On Debt Burden And Contingent Liability Risk

CHICAGO (S&P Global Ratings) March 12, 2020--S&P Global Ratings lowered its underlying rating (SPUR) to 'A' from 'A+' on the Hamilton Community Authority, Ohio's series 2019 lease revenue bonds issued on behalf of the City of Hamilton. At the same time, S&P Global Ratings assigned its 'A+' long-term rating to the City of Hamilton's series 2020 taxable special obligation nontax revenue bonds (Champion Mill Project). The outlook is stable. "The rating action reflects our view of the city's increased debt burden and exposure to contingent liability risk through the issuance of the series 2020 nontax revenue bonds," said S&P Global Ratings credit analyst Benjamin Gallovic. Officials will use bond proceeds to finance grants and loans in support of the redevelopment

...March 12, 2020 CHICAGO (S&P Global Ratings) March 12, 2020--S&P Global Ratings lowered its underlying rating (SPUR) to 'A' from 'A+' on the Hamilton Community Authority, Ohio's series 2019 lease revenue bonds issued on behalf of the City of Hamilton. At the same time, S&P Global Ratings assigned its 'A+' long-term rating to the City of Hamilton's series 2020 taxable special obligation nontax revenue bonds (Champion Mill Project). The outlook is stable. "The rating action reflects our view of the city's increased debt burden and exposure to contingent liability risk through the issuance of the series 2020 nontax revenue bonds," said S&P Global Ratings credit analyst Benjamin Gallovic. Officials will use bond proceeds to finance grants and loans in support of the redevelopment of the former Champion Paper mill site into a mixed-use sports, hotel, and conference complex. The stable outlook reflects S&P Global Ratings' opinion of Hamilton's very strong liquidity and budgetary flexibility. RELATED...

Ratings Action