Summary: Hamilton County Convention Facilities Authority, Ohio Cincinnati and Hamilton County Convention Facilities Authority; Miscellaneous Tax

S&P Global Ratings lowered its long-term rating and underlying rating (SPUR) to 'A-' from 'A' on the Hamilton County Convention Facilities Authority, Ohio's first-lien series 2014 convention facilities authority revenue refunding and improvement bonds, issued for the Cincinnati and Hamilton County Convention Facilities Authority. The outlook is stable. The rating action reflects our view that credit quality has weakened following reduced hotel tax collections during the COVID-19 pandemic, which has diluted coverage, as well as our view that muted demand for business travel, inflationary pressures, and heightened recession risk could thwart a full recovery of coverage to pre-pandemic levels over our outlook horizon. Despite these macroeconomic headwinds, the stable outlook reflects our opinion that revenue has improved sufficiently since its

...S&P Global Ratings lowered its long-term rating and underlying rating (SPUR) to 'A-' from 'A' on the Hamilton County Convention Facilities Authority, Ohio's first-lien series 2014 convention facilities authority revenue refunding and improvement bonds, issued for the Cincinnati and Hamilton County Convention Facilities Authority. The outlook is stable. The rating action reflects our view that credit quality has weakened following reduced hotel tax collections during the COVID-19 pandemic, which has diluted coverage, as well as our view that muted demand for business travel, inflationary pressures, and heightened recession risk could thwart a full recovery of coverage to pre-pandemic levels over our outlook horizon. Despite these macroeconomic headwinds, the stable outlook reflects our opinion that revenue has improved sufficiently since its low point in 2020, and that coverage should reach adequate levels over the next two years. We view this rating action as a direct result of the health...

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