The Standard&Poor's underlying rating (SPUR) upgrades on Hamilton County, Ohio's sales tax bonds (series 1998 A and B football stadium project) to 'AA' from 'A' is based on the nature of the senior claim on sales tax revenues to support debt service on these bonds. Additional credit characteristics include: Good debt service coverage levels, The strength and diversity of the local Cincinnati (GO rated 'AA+') area economy, and A closed senior-lien that gives payment of these bonds priority over all future debt secured with the designated sales tax revenues. Mitigating factors include: A debt service reserve requirement funded at just 50% of maximum annual debt service (MADS), and Declining sales tax revenue collections that have likely been impacted
