...S&P Global Ratings assigned its '##' long-term rating to Dayton, Ohio's series 2018 limited-tax general obligation (GO) various purpose refunding and improvement bonds and economic development revenue bonds, secured by nontax revenue. 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 and nontax revenue bonds. The outlook is stable. In our opinion, key credit strengths supporting the '##' rating include Dayton's status as an employment center for a broad and diverse metropolitan statistical area (MSA), financial policies and practices that we consider strong, and strong debt profile. Although the city's population has declined over the past few decades and we view income and wealth levels within the city as weak, we believe that the city's collection of income taxes on commuters and business profits partly mitigates this. Income taxes are the city's largest revenue source, and because the employment...
