S&P Global Ratings affirmed its 'AA-' long-term rating on Cleveland 's nontax revenue bonds. At the same time, S&P Global Ratings affirmed its 'A+' long-term rating on the city's annual appropriation bonds. The outlook is stable. DAYTON (S&P Global Ratings) Nov. 12, 2025--S&P Global Ratings today took the rating actions listed above. We view social factors as a moderately negative credit factor given historical population decline and elevated poverty and crime rates, which could inhibit revenue growth and lead to higher service demands. That said, U.S. Census estimates show a slight increase in population over the past two years. The city is using significant ARP funding to address economic and community development in underserved communities, possibly addressing socioeconomic weaknesses and
