| ABOUT OMAP | BENEFITS | ELIGIBILITY | HOW IT WORKS | RECENT DEALS |
WHAT ARE THE BENEFITS?
Lower Borrowing Costs Credit enhancement saves money on debt service for Ohio's municipal issuers |
Strengthened Credit Quality Rated 'SP-1+' by Standard & Poor’s |
Improved Marketability Improves market access by leveraging the state’s high short-term credit rating |
The Ohio Market Access Program is a first-of-its-kind program designed exclusively to provide credit enhancement on municipal notes. Municipal notes are currently underserved by the credit enhancement market and OMAP fills this void. The program solely provides credit enhancement on Ohio municipal notes and does not function as a pooled issuance. Through OMAP, the Treasurer’s office helps improve market access and achieve debt service savings for local governments by providing credit enhancement on municipal notes via a standby note purchase agreement.
Standard & Poor’s has assigned its highest municipal short-term note rating -- “SP-1+” -- to notes issued under OMAP. This rating reflects the state’s very strong capacity, when necessary, to purchase OMAP-wrapped notes. By participating in OMAP and receiving its “SP-1+” rating, political subdivisions benefit from strengthened credit quality, improved marketability, and lower costs of borrowing.
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