...S&P Global Ratings assigned its 'A+' long-term rating to the City of Hamilton, Ohio's $29 million series 2020 taxable special obligation nontax revenue bonds (Champion Mill Project). At the same, S&P Global Ratings affirmed its 'A' underlying rating on the Hamilton Community Authority's series 2019 lease revenue bonds issued on behalf of the city. The outlook on all ratings is stable. The series 2020 nontax bonds are special obligations secured by certain nontax revenue of Hamilton. Nontax revenue includes no ad valorem tax revenue and is only a portion of general fund revenue. However, bond documents do not prohibit the city from using other revenue to pay debt service. Because the developer loan payments are not legally pledged, our rating solely reflects Hamilton's pledge of nontax revenue, which the city would use to cover any shortfall in developer loan payments. We rate the nontax revenue bonds at the same level as our view of the city's general creditworthiness because of the fungibility...
