...S&P Global Ratings assigned its 'A+' long-term rating to Akron, Ohio's approximately $16.5 million series 2020 limited-tax general obligation (GO) various purpose refunding bonds and its 'A' long-term rating to the Development Finance Authority of Summit County's approximately $2.9 million series 2020 development revenue refunding bonds, issued for the city. At the same time, S&P Global Ratings affirmed its 'A+' long-term rating on the city's existing GO and nontax revenue debt and its 'A' long-term rating on the city's existing appropriation-backed debt. The outlook is negative. Securing the city's limited-tax GO debt are the city's full faith, credit, and resources and an agreement to levy ad valorem property taxes subject to the 10.5-mill limitation imposed by the city charter that supersedes the 10-mill state limitation. We rate the limited-tax GO debt at the same level as our view of the city's general creditworthiness, given that ad valorem taxes are collected from the city's entire...
