S&P Global Ratings assigned its 'SP-1+' short-term rating to Vandalia, Ohio's $1.2 million various purpose bond anticipation notes (BANs), series 2023. We base our rating on the standby note purchase agreement (SNPA) among the city, 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 our BANs criteria, reflecting the notes' structure. The BANs are payable from ad-valorem
