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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Methodologies

• Public Finance: U.S. Local Government General Obligation Rating Methodology
• ESG Global Rating Methodology

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), one of the major credit rating agencies (CRA), is a full-service CRA 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 (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Doc ID: 1010351

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