S&P Global Ratings assigned its 'SP-1+' short-term rating to American Municipal Power Inc. (AMP), Ohio's $5 million electric system improvement bond anticipation notes (BANs), series 2024, issued for the Village of Pioneer, Ohio. We base our ratings on the standby note purchase agreement (SNPA) among the loan participants, the state treasurer, and the paying agent, 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
