Cleveland Public Power Cleveland; Retail Electric

S&P Global Ratings has assigned its 'A-' rating to Cleveland, Ohio's proposed $81.06 million series 2020 public power system revenue refunding bonds issued for Cleveland Public Power (CPP). At the same time, we affirmed our 'A-' long-term rating and underlying rating (SPUR) on the utility's existing revenue debt. The outlook is stable. The system's electric net revenue pledge secures the bonds. Officials intend to use series 2020A and 2020B bond proceeds to refund a portion of its series 2014 and 2016 bonds for interest cost savings. CPP had $197.9 million in total debt outstanding as of Dec. 31, 2018. The rating also reflects the application of our "U.S. Municipal Retail Electric And Gas Utilities: Methodology And Assumptions" criteria (published Sept.

...S&P Global Ratings has assigned its 'A-' rating to Cleveland, Ohio's proposed $81.06 million series 2020 public power system revenue refunding bonds issued for Cleveland Public Power (CPP). At the same time, we affirmed our 'A-' long-term rating and underlying rating (SPUR) on the utility's existing revenue debt. The outlook is stable. The system's electric net revenue pledge secures the bonds. Officials intend to use series 2020A and 2020B bond proceeds to refund a portion of its series 2014 and 2016 bonds for interest cost savings. CPP had $197.9 million in total debt outstanding as of Dec. 31, 2018. The rating also reflects the application of our "U.S. Municipal Retail Electric And Gas Utilities: Methodology And Assumptions" criteria (published Sept. 27, 2018, on RatingsDirect). The rating further reflects our opinion of the public power system's adequate enterprise risk profile and strong financial risk profile. The enterprise risk profile reflects our view of the system's: + Adequate...

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