S&P Global Ratings affirmed its 'A+' long-term rating on Cleveland, Ohio's series 2016 water pollution control (WPC) bonds. The outlook is stable. The bonds are secured by the net revenues of the WPC fund. We consider bond provisions neutral. Bond covenants include a rate covenant requiring 1.2x annual debt service coverage (DSC) on revenue bonds and 1.0x coverage on all debt obligations, which include loans to the Ohio Water Development Authority (OWDA), and an additional bonds test (ABT) requiring 1.2x maximum annual debt service (MADS) coverage on revenue debt and 1.0x MADS on all debt. There is a debt service reserve funded at MADS. At the end of fiscal 2022, the system had roughly $42.8 million of outstanding debt, which
