This report does not constitute a rating action. S&P Global Ratings? long-term rating and underlying rating (SPUR) on Cleveland's existing public power system revenue debt issued for Cleveland Public Power (CPP) is ?A-?. The outlook is stable. The system's electric net revenue pledge secures the bonds. CPP had $165 million in total debt as of Dec. 31, 2023. We believe bond provisions are credit neutral with a rate covenant equal to 1.25x annual debt service and an additional bonds test equal to 1.25x maximum annual debt service (MADS). The rating reflects our view of CPP?s relatively strong financial profile, coupled with a weaker market position reflecting what we view as a more limited rate-making flexibility. CPP is unique compared to
