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KBRA Assigns AAA Rating to City of Dublin (OH) General Obligation (Limited Tax) Various Purpose Improvement and Refunding Bonds, Series 2024

The AAA long-term rating for the City of Dublin, Ohio’s (the “City” or “Dublin”) General Obligation (Limited Tax) Various Purpose Improvement and Refunding Bonds, Series 2024 (the “Bonds”) 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 Outlook is Stable.

Key Credit Considerations

The rating was assigned because of the following key credit considerations:

Credit Positives

  • Conservative budgetary practices, sound fiscal policies and strong financial performance which 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 in Dublin with an above average sociodemographic profile, and close 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 (13% debt funded capex).

Credit Challenges

  • Potential for volatility in income tax receipts as affected by the level of economic and employment growth in the city and the uncertain impact of remote work on commuting employees.
  • Elevated debt levels per capita, although somewhat moderated by the higher population of nonresident workers, and solidly growing tax base.

Rating Sensitivities

For Upgrade

  • No positive rating sensitivities given the highest debt rating level.

For Downgrade

  • Significant decline in unrestricted reserves, in particular the Unassigned General Fund Balance relative to General Fund expenditures, to below historic levels.
  • Declining trend in income tax receipts and/or material increase in debt requirements that pressure the ad valorem ten-mill property tax limitation.

To access rating and relevant documents, click here.

Methodologies

Disclosures

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

Doc ID: 1005135

Contacts

Analytical Contacts

Lina Santoro, Director (Lead Analyst)

+1 646-731-1419

lina.santoro@kbra.com

Peter Scherer, Senior Director

+1 646-731-2325

peter.scherer@kbra.com

Mallory Yu, Senior Analyst

+1 646-731-1380

mallory.yu@kbra.com

Harvey Zachem, Managing Director (Rating Committee Chair)

+1 646-731-2385

harvey.zachem@kbra.com

Business Development Contacts

William Baneky, Managing Director

+1 646-731-2409

william.baneky@kbra.com

James Kissane, Senior Director

+1 646-731-2380

james.kissane@kbra.com

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