S&P Global Ratings assigned its 'AA+' long-term rating to Cleveland, Ohio's series 2024 HH water revenue bonds. At the same time, we affirmed our 'AA+' long-term rating on the city's existing water system revenue bonds and our 'AA' long-term rating on the city's second-lien water revenue refunding bonds. The outlook is stable. The series 2024HH bonds, and existing parity debt, are secured by the system's first-lien net revenue pledge while its second-lien net revenue pledge secures the series 2017B bonds, which mature in 2027. At the same time, we understand the system plans to issue an additional $74 million in state revolving fund (SRF) loans. We consider bond provisions credit neutral. Bond provisions on the senior-lien debt include a 1.25x
