Press Release|Public Finance
KBRA Assigns AAA Rating to City of Dublin (OH) General Obligation (Limited Tax) Various Purpose Improvement and Refunding Bonds, Series 2025; Affirms Parity Bonds at AAA; Stable Outlook
11 Jul 2025 | New York
KBRA assigns a long-term rating of AAA to the City of Dublin, OH (the "City") General Obligation (Limited Tax) Various Purpose Improvement and Refunding Bonds, Series 2025. Concurrently, KBRA affirms the long-term rating of AAA for the City's outstanding parity General Obligation (Limited Tax) Various Purpose Improvement and Refunding Bonds. The Outlook is Stable.
Key Credit Considerations
The rating was assigned/affirmed because of the following key credit considerations:
Credit Positives
- Conservative budgetary practices, sound fiscal policies, and strong financial performance support ample reserves and financial flexibility.
- Main source of repayment for the Bonds is income tax receipts, which have benefitted from a vibrant, strong economic base with an above average sociodemographic profile, and proximity to the state’s capital (Columbus, OH).
- A comprehensive five-year capital plan, with significant reinvestment and development to support tax base growth, with a dedicated capital funding source and modest new debt requirements.
Credit Challenges
- Potential for volatility in income tax receipts as affected by the level of economic and employment growth in the City.
- Elevated debt levels on a per-capita basis, although somewhat moderated by the higher population of nonresident workers, solidly growing tax base and above average income level. Net direct and overlapping debt relative to full market value is manageable at 3.7% for FY 2024 (unaudited).
Rating Sensitivities
For Upgrade
- No positive rating sensitivities given the highest debt rating level.
For Downgrade
- A significant decline in the City's unrestricted reserves, particularly the Unassigned General Fund Balance relative to General Fund expenditures, to below historic levels.
- A declining trend in the City's income tax receipts and/or material increase in debt requirements that pressures the ad valorem property tax limitation.
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