Research Update: Hamilton County, OH Series 2026 Sales Tax Bonds Assigned 'AA-' Rating

S&P Global Ratings assigned its 'AA-' long-term rating to Hamilton County , Ohio's 2026 sales tax improvement and refunding bonds, with a preliminary par amount of approximately $455 million. At the same time, S&P Global Ratings affirmed its 'AA-' long-term rating on the county's parity sales tax bonds outstanding. The outlook is stable. The 2026 bonds and the county's parity obligations are secured by a first lien on revenues from the additional 0.5% sales tax levied throughout the county. The sales tax was authorized by voters in 1996 for developing the downtown Cincinnati riverfront, including the construction of stadiums for the Cincinnati Bengals National Football League team (Paycor Stadium) and the Cincinnati Reds Major League Baseball team. The county owns

...Economic data Metric Economy Very strong Pledged revenue taxing base Hamilton County EBI level per capita % of U.S. (taxing base) 103 Population (taxing base) 829,201 Broad and diverse MSA Yes Financial data Revenue volatility Low Coverage and liquidity Adequatestrong Baseline coverage assessment ABT MADS coverage (x) 1.72 MADS year 2034 Annual debt service coverage (x) 2.31 Pledged revenue 2year CAGR (%) 2.20 Bond provisions ABT (x) 1.30 ABT type MADS ABT period Historical DSRF type Other Obligor relationship Obligor linkage Mitigated PL rating limit (number of notches above OC) 2 Data points and ratios may reflect analytical adjustments. EBIEffective buying income. MSAMetropolitan statistical area. MADSMaximum annual debt service. 2year CAGR2 periods of compound annual growth rate change over 3 years. ABTAdditional bonds test. DSRFDebt service reserve fund. PLPriority lien. OCObligor creditworthiness. N/ANot available. Ratings List New Issue Ratings...

Research Update