S&P Global Ratings assigned its 'AA-' long-term rating to Hamilton, Ohio's series 2019 taxable special obligation nontax revenue bonds (Champion Mill Project). At the same time, S&P Global Ratings affirmed its 'A+' underlying rating (SPUR) on the Hamilton Community Authority's series 2019 lease revenue bonds, issued on behalf of the city. The outlook is stable. The series 2019 nontax bonds are special obligations secured by certain nontax revenue of the city. Nontax revenue includes no ad valorem tax revenue and is only a portion of general fund revenue. However, bond legal documents do not prohibit the city from using other revenue to pay debt service. We rate the nontax revenue bonds at the same level as our view of the
