...May 16, 2019 CHICAGO (S&P Global Ratings) May 16, 2019--S&P Global Ratings raised its long-term rating to '##-' from 'A+' on Cleveland's previously issued nontax revenue bonds, which are rated on par with our view of the city's general creditworthiness. At the same time, we raised our long-term rating to 'A+' from 'A' on the city's series 2010 refunding certificates of participation (COPs; Cleveland Stadium Project) and annual appropriation bonds (Flats East Project). The outlook is stable. "The rating action reflects our view that the city's credit profile has strengthened as a result of a track record of strong budgetary performance and economic growth," said S&P Global Ratings credit analyst Benjamin Gallovic. The stable outlook reflects our view that the rating will not likely change in the next two years given Cleveland's healthy income tax base and very strong financial management, which we expect will result in the maintenance of balanced operations. RELATED RESEARCH - S&P Public...
