...S&P Global Ratings assigned its '##' long-term rating to Dayton, Ohio's series 2016 limited-tax various-purpose refunding and improvement general obligation (GO) bonds. At the same time, S&P Global Ratings 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 outlooks are 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 and flexibility necessary to sustain ratings on the limited-tax bonds equal to an unlimited-tax pledge. Officials will use series 2016 bond proceeds to refund the city's series 2007 and 2009A GO bonds for interest cost savings, and to finance various capital purchases and improvements. The city's...
