Choose Type > Type On A Path >
Type On A Path Options.
Choose an option from the Align To Path menu to specify
how to align all characters to the path, relative to a font’s total
height:
Ascender
Aligns along the font’s top edge.
Descender
Aligns along the font’s bottom edge.
Center
Aligns along the point halfway between the font’s ascender
and descender.
Baseline
Aligns along the baseline. This is the default setting.
Note: Characters
without ascenders or descenders (such as a letter e) or a baseline (such
as an apostrophe) are vertically aligned with characters that have
ascenders, descenders, and baselines. These font dimensions are
permanently specified by the font designer.
For
more control over vertical alignment, use the Baseline Shift option
in the Character panel. For example, type a negative value in the
Baseline Shift text box to lower the type.