CENTENNIAL (S&P Global Ratings) Aug. 3, 2021--S&P Global Ratings assigned its 'BB' long-term rating to the Cleveland-Cuyahoga County Port Authority, Ohio's senior series 2021A tax increment financing (TIF) revenue and refunding bonds issued on behalf of the City of Cleveland-Flats East Bank Development Project. The preliminary par amount on the 2021A bonds is $25.43 million. The outlook is stable. Proceeds from the 2021A senior bonds and accompanying 2021B subordinate bonds (unrated) will refinance the bonds outstanding secured by service payments/TIF revenue on Phase One and Two parcels, make current past-due balances associated with several governmental loans affiliated with the project, and pay down a portion of other governmental obligations associated with the project. "The rating reflects our view of the
