S&P Global Ratings assigned its 'BBB+' long-term rating to the Port of Greater Cincinnati Development Authority , Ohio's estimated $90.015 million series 2025A tax-exempt parking revenue and refunding bonds, issued for Cincinnati Center City Development Corp. (3CDC Obligated Group Parking Facilities, 3CDC, or obligated group members). The outlook is stable. Pledged revenue consists of gross parking revenue from eligible parking assets; commercial rents, fees, interest earnings; and tax increment financing (TIF) revenue from the 84.51 office building. The master indenture provides for a cross-collateralized, pooled asset program with supplemental notes/debt being secured by first mortgages and first security interests in gross parking revenue, among other securities and collateral. Parking system assets under the master lease will have ground lease terms
