...Standard & Poor's Ratings Services assigned its '##' long-term rating to Dayton, Ohio's series 2015 limited-tax various purpose refunding general obligation (GO) bonds. At the same time, Standard & Poor's affirmed its '##' long-term rating and underlying rating (SPUR) on the city's existing limited-tax GO bonds and its '##-' long-term rating and SPUR on the city's existing nontax revenue bonds. The outlook is stable. A pledge of the city's full faith and credit and an agreement to levy ad valorem property taxes within the 10-mill limitation, subject to the city's charter, secure the limited-tax bonds. Despite that the city is at the legal tax limit, we believe it possesses the financial stability necessary to sustain ratings on the limited-tax bonds equal to an unlimited-tax pledge. Officials will use series 2015 bond proceeds to advance refund its series 2009B GO bonds for interest cost savings. Although it has not legally pledged to do so, the city plans to use airport net revenue and...
