...CHICAGO (Standard & Poor's) April 26, 2016--Standard & Poor's Ratings Services assigned its '##' long-term rating to Cleveland's series 2016 various-purpose and refunding general obligation (GO) bonds, reflecting an additional first-lien pledge of the city's 2% income tax. At the same time, we affirmed our '##' long-term rating and underlying rating (SPUR) on the city's previously issued limited-tax GO bonds, reflecting an additional first-lien pledge of the city's 2% income tax. In addition, we affirmed our '##' long-term rating and SPUR on Cleveland's previously issued subordinate-lien income tax bonds, reflecting a junior-lien pledge of the city's income tax receipts subordinated only to the city's GO bonds. Finally, we affirmed our '##' long-term rating on the city's subordinate-lien unrestricted income tax bonds (police and fire pension bonds). The outlook is stable. "The rating reflects our opinion of such factors as the city's slowly diversifying economy, wide and diverse income...
