The 'AA' ratings on Hamilton County, Ohio's series 1998A sales tax bonds and series 1998B football stadium project reflect the following credit characteristics: The nature of the senior claim on sales tax revenues to support debt service on these bonds, coupled with a closed senior lien that gives payment of these bonds priority over all future debt secured with the designated sales tax revenues; Good debt service coverage levels; and The strength and diversity of the local Cincinnati ('AA+' GO rating) area economy. Mitigating factors include: A debt service reserve requirement funded at just 50% of maximum annual debt service (MADS); and A trend of declining to flat sales tax revenue collections, although there was some improvement to collections in
