Morningstar DBRS Confirms Its Credit Rating on Hamilton Community Authority (Ohio) Property Assessed Clean Energy Taxable Revenue Bonds (Champion Mill Project)

DBRS, Inc. (Morningstar DBRS) confirmed the A (sf) credit rating on a security included in Hamilton Community Authority (Ohio) Property Assessed Clean Energy Taxable Revenue Bonds (Champion Mill Project).

The credit rating confirmation is based on the following analytical considerations:

-- Transaction capital structure and current credit ratings.

-- The transaction parties' capabilities with regard to origination, underwriting, and servicing.

-- Asset performance has been within expectations with all outstanding PACE assessment payments and property taxes current.

-- The transaction assumptions consider Morningstar DBRS' baseline macroeconomic scenarios for rated sovereign economies, available in its commentary Baseline Macroeconomic Scenarios For Rated Sovereigns - June 2024 Update, published on June 28, 2024. These baseline macroeconomic scenarios replace Morningstar DBRS's moderate and adverse COVID-19 pandemic scenarios, which were first published in April 2020.

ENVIRONMENTAL, SOCIAL, AND GOVERNANCE CONSIDERATIONS

There were no Environmental/Social/Governance factor(s) that had a significant or relevant effect on the credit analysis.

A description of how Morningstar DBRS considers ESG factors within the Morningstar DBRS analytical framework can be found in the Morningstar DBRS Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings (January 23, 2024) https://dbrs.morningstar.com/research/427030.

Notes:
The principal methodology applicable to the credit ratings is Morningstar DBRS Master U.S. ABS Surveillance (May 08, 2024) https://dbrs.morningstar.com/research/432485

Other methodologies referenced in this transaction are listed at the end of this press release.

The credit rating was initiated at the request of the rated entity.

The rated entity or its related entities did participate in the credit rating process for this credit rating action.

Morningstar DBRS did not have access to the accounts, management and other relevant internal documents of the rated entity or its related entities in connection with this credit rating action.

This is a solicited credit rating.

Please see the related appendix for additional information regarding the sensitivity of assumptions used in the credit rating process.

The credit rating methodologies used in the analysis of this transaction can be found at: https://dbrs.morningstar.com/about/methodologies.

Operational Risk Assessment for U.S. ABS Servicers (March 21, 2024)
https://dbrs.morningstar.com/research/430003
Operational Risk Assessment for U.S. ABS Originators (March 21, 2024)
https://dbrs.morningstar.com/research/430004
Legal Criteria for U.S. Structured Finance (April 15, 2024)
https://dbrs.morningstar.com/research/431205
Rating U.S. Structured Finance Transactions (April 15, 2024),
https://dbrs.morningstar.com/research/431204
North American Single-Asset/Single-Borrower Rating Methodology (July 11, 2024),
https://dbrs.morningstar.com/research/436004
Rating U.S. Property Assessed Clean Energy (PACE) Securitizations (May 24, 2022)
https://dbrs.morningstar.com/research/397234

For more information on this credit or on this industry, visit dbrs.morningstar.com or contact us at info-DBRS@morningstar.com.