S&P Global Ratings assigned its 'SP-1+' short-term rating to the City of Hamilton, Ohio's $40 million various purpose improvement general obligation limited-tax bond anticipation notes (BANs), series 2022. We base our rating on the standby note purchase agreement (SNPA) among the City of Hamilton, the state treasurer, and the note registrar, whereby the treasurer agrees to purchase the notes at maturity. We apply our "Issue Credit Ratings Linked To U.S. Public Finance Obligors' Creditworthiness" criteria, published Nov. 20, 2019, because we are ultimately looking at the state's cash flow to pay the notes at maturity, pursuant to the terms of the agreement and the statutory authorization of Ohio to purchase local government obligations. We also apply our BAN criteria, reflecting
