S&P Global Ratings assigned its 'AA' long-term rating to the City of Cincinnati 's $24.3 million series 2026A nontax economic development revenue bonds, $15.4 million series 2026B nontax economic development revenue bonds, and $3.9 million series 2026C nontax economic development revenue bonds. The outlook is stable. Cincinnati's nontax revenue bonds are special obligations secured by certain nontax revenue of the city. Nontax revenue includes no ad valorem tax revenue and is only a portion of general fund revenue. However, bond documents do not prohibit the city from using other revenue to pay debt service. We rate the nontax revenue bonds at the same level as our view of the city's general creditworthiness because there is no limit on the fungibility
