The rating on Hamilton County, Ohio reflects the following strengths: * Continued strong financial and operational performance; * A stable regional economy anchored by the city of Cincinnati (rated * AA+'); and * Competitive rates. Another factor also reflected in the rating is a sizeable $441 million five-year capital improvement plan (CIP) which will primarily address combined sewer overflows (CSO) and treatment plant upgrades. Bonds are secured by the net revenues of the sewer system. Proceeds will reimburse the district for previously funded capital expenditures. The CIP (1997-2001) with a total estimated cost of $441 million is comprised of $251 million in sewer projects, $116 million in treatment plant projects, and $73 million in miscellaneous projects. CSO elimination projects and
