S&P Global Ratings affirmed its'AA-'long-term rating on the City of Cleveland's nontax revenue bonds. At the same time, S&P Global Ratings affirmed its'A+'long-term rating on the city's annual appropriation bonds. The outlook is stable. Cleveland's nontax revenue bonds are special obligations secured by certain nontax revenue of the city. Nontax revenue includes no ad valorem tax revenue and is only a portion of general fund revenue. However, bond documents do not prohibit Cleveland from using other revenue to pay debt service. We rate the nontax revenue bonds to be at the same level as our view of the city's general creditworthiness because there is no limit on the fungibility of resources available for debt service
