Summary: Franklin County Convention Facilities Authority, Ohio; Appropriations

S&P Global Ratings assigned its 'AA' long-term rating to the Franklin County Convention Facilities Authority (FCCFA, or the authority), Ohio's $136.3 million series 2020 tax and lease revenue anticipation refunding bonds (federally taxable). At the same time, we affirmed our 'AA' long-term rating and underlying rating (SPUR) on the authority's existing bonds. The outlook is stable. Proceeds from the series 2020 bonds will be used to refund a portion of the authority's series 2014 tax and lease revenue anticipation and refunding bonds for interest cost savings. The proceeds from the series 2014 bonds were used to expand the Greater Columbus Convention Center and refund a portion of the authority's series 2007 bonds. Although the bonds are being issued by the

...S&P Global Ratings assigned its '##' long-term rating to the Franklin County Convention Facilities Authority (FCCFA, or the authority), Ohio's $136.3 million series 2020 tax and lease revenue anticipation refunding bonds (federally taxable). At the same time, we affirmed our '##' long-term rating and underlying rating (SPUR) on the authority's existing bonds. The outlook is stable. Proceeds from the series 2020 bonds will be used to refund a portion of the authority's series 2014 tax and lease revenue anticipation and refunding bonds for interest cost savings. The proceeds from the series 2014 bonds were used to expand the Greater Columbus Convention Center and refund a portion of the authority's series 2007 bonds. Although the bonds are being issued by the FCCFA, they are secured by lease payments, subject to annual appropriation and equal to debt service on the bonds, to be made under a lease agreement between the City of Columbus and Franklin County as lessees and the FCCFA as lessor....

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