Morningstar DBRS confirms Hamilton Community Authority PACE revenue bond rating in Ohio

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Hamilton PACE bond rating

Highlights

Morningstar DBRS confirms the A (sf) credit rating for Hamilton Community Authority (Ohio) PACE Taxable Revenue Bonds related to the Champion Mill Project.
All outstanding PACE assessment payments and property taxes for the Hamilton Community Authority are current with payments made according to schedule.
March 2026 baseline macroeconomic scenarios now inform transaction assumptions, replacing the agency's prior moderate and adverse COVID-19 pandemic scenarios.

Credit review cites payment performance

As reported by Morningstar DBRS, the rating agency confirms the A (sf) credit rating on a security included in Hamilton Community Authority (Ohio) Property Assessed Clean Energy Taxable Revenue Bonds for the Champion Mill Project.

The agency says its rationale includes the transaction's capital structure and current credit ratings, as well as the capabilities of the parties involved in origination, underwriting, and servicing. It also says asset performance remains within expectations.

Morningstar DBRS says all outstanding PACE assessment payments and property taxes are current. It adds that payments have been made according to their schedules.

Macroeconomic assumptions and rating scope

In its analysis, Morningstar DBRS says the transaction assumptions consider its baseline macroeconomic scenarios for rated sovereign economies from the March 2026 update published on March 27, 2026. Those baseline scenarios replace the agency's moderate and adverse COVID-19 pandemic scenarios first published in April 2020.

The agency says its credit ratings on the applicable classes address the credit risk associated with the identified financial obligations under the relevant transaction documents. It adds that, where applicable, descriptions of those obligations can be found in the transactions' respective press releases issued at the time of issuance.

Morningstar DBRS says its long-term credit ratings provide opinions on default risk. It defines that risk as the possibility that an issuer will fail to satisfy financial obligations in line with the terms of a long-term obligation.

Our earlier article on KBRA’s surveillance review of the ALA 2025-OANA CMBS explained that the agency affirmed all ratings after finding stable collateral performance since securitization. It outlined the $2.4 billion floating-rate, interest-only mortgage backed by Honolulu’s Ala Moana Center and adjacent office properties, with key metrics like in-trust KLTV and cash flow supporting the maintain-and-monitor credit stance.

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