S&P Global Ratings assigned its 'AA' long-term rating to the City of Cincinnati 's $40 million economic development revenue bonds, series 2026D. The outlook is stable. Cincinnati's economic development revenue bonds are special obligations secured by certain nontax revenue of the city. Nontax revenue does not include ad valorem tax revenue. However, bond documents do not prohibit the city from using other revenue to pay debt service. Officials expect the city's 0.15% income tax for capital projects to be the likely repayment source. 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 of resources available for debt service and because Cincinnati's ability to
