KBRA Releases Rating Report for the City of Dublin (OH) General Obligation (Limited Tax) Various Purpose Improvement and Refunding Bonds, Series 2024

On July 16, 2024, KBRA assigned a long-term rating of AAA to the City of Dublin, OH's (the "City") Series 2024, General Obligation (Limited Tax) Various Purpose Improvement and Refunding Bonds (the "2024 Bonds"). The rating reflects the City’s diverse and growing tax base, characterized by strong wealth and employment levels, conservative City budgeting and financial management practices, with ample liquidity and manageable long-term liabilities.

The Series 2024 Bonds are general obligations of the City, secured by the full faith and credit of the City and an ad valorem property tax pledge, subject to the aggregate ten-mill limitation as imposed by Ohio law. The ad valorem limited tax pledge is applicable to the extent other repayment sources are not sufficient to repay indebtedness. The City anticipates debt payments on the Bonds will be paid largely from municipal income taxes (approximately 75%), followed by tax increment financing service payments in lieu of property taxes (10%), and water and sewer system revenues (15%). Proceeds of the Series 2024 Bonds ($19.2 million) will economically refund the outstanding Series 2018B parity general obligation bonds, fund a portion of capital improvements, and pay costs of issuance.

To access rating and relevant documents, click here.

Click here to view the report.