Cuyahoga County, OH Sales Tax Revenue Bonds Assigned 'AAA' Rating

CHICAGO (S&P Global Ratings) Sept. 26, 2017--S&P Global Ratings assigned its 'AAA' long-term rating to Cuyahoga County, Ohio's series 2017A, 2017B, and 2017C sales tax revenue bonds (Quicken Loans Arena Project). At the same time, we affirmed our 'AAA' long-term rating on the county's series 2014 and 2015 sales tax revenue bonds. The outlook is stable. Proceeds of the 2017 bonds will be used to fund renovations at Quicken Loans Arena, home of the Cavaliers, Monsters (minor league hockey), and Gladiators (arena football). "The 'AAA' rating reflects our view of such factors as the county's stable sales tax revenue stream, very strong maximum annual debt service coverage, good legal provisions, and deep and diverse regional economy," said S&P Global Ratings

...CHICAGO (S&P Global Ratings) Sept. 26, 2017--S&P Global Ratings assigned its '###' long-term rating to Cuyahoga County, Ohio's series 2017A, 2017B, and 2017C sales tax revenue bonds (Quicken Loans Arena Project). At the same time, we affirmed our '###' long-term rating on the county's series 2014 and 2015 sales tax revenue bonds. The outlook is stable. Proceeds of the 2017 bonds will be used to fund renovations at Quicken Loans Arena, home of the Cavaliers, Monsters (minor league hockey), and Gladiators (arena football). "The '###' rating reflects our view of such factors as the county's stable sales tax revenue stream, very strong maximum annual debt service coverage, good legal provisions, and deep and diverse regional economy," said S&P Global Ratings credit analyst Benjamin Gallovic The stable outlook reflects our expectation that the county will not issue bonds to the extent allowed under its additional bonds test because of its reliance on sales tax revenue for operations as well...

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