S&P Global Ratings assigned its 'AA' long-term rating to Cincinnati, Ohio's $27.8 million unlimited-tax general obligation (GO) improvement bonds. At the same time, we affirmed the long-term rating on the city's GO debt and nontax-revenue bonds at 'AA'. The outlook is stable. Cincinnati's full faith credit and resources, and an agreement to levy ad valorem property taxes without limit as to rate or amount, secure the bonds. Per the city's charter, the levy used to support the debt service is not subject to the state's 10-mill limitation. The city's nontax-revenue bonds are secured by the city's nontax revenue in its general fund, which includes licenses, permits and fines; forfeitures; and penalties revenue. We rate these bonds on par with our
