S&P Global Ratings assigned its 'SP-1+' short-term rating to Cleveland 's $37.1 million series 2025 various purpose general obligation (GO) bond anticipation notes (BANs). At the same time, S&P Global Ratings affirmed its 'AA+' long-term rating and underlying rating (SPUR) on the city's GO bonds outstanding, reflecting an additional first-lien pledge of the city's 2.5% income tax. Finally, S&P Global Ratings affirmed its 'AA' long-term rating and SPUR on the city's subordinate-lien income tax bonds. The outlook, where applicable, 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
