S&P Global Ratings assigned its'SP-1+'short-term rating to Vandalia City, Ohio’s $17.4 million series 2026 public works facility bond anticipation notes (BANs). The rating reflects the standby note purchase agreement (SNPA) among the loan participants, the state treasurer, and the paying agent, whereby the treasurer agrees to purchase the notes at maturity. We apply our"Issue Credit Ratings Linked To U.S. Public Finance Obligors'Creditworthiness"criteria (Nov. 20, 2019), because we are ultimately looking at the state's cash flow to pay the notes at maturity, pursuant to the terms of the agreement and the statutory authorization of Ohio to purchase local government obligations. We also apply our BANs criteria, reflecting the notes'structure. The BANs are payable
