...S&P Global Ratings revised the outlook to stable from negative and affirmed its 'A+' long-term rating on Akron, Ohio's general obligation (GO) and nontax revenue debt and its 'A' long-term rating on the city's appropriation-backed debt. 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 tax base and because of a lack of limitations on the fungibility of resources available for debt service. Certain nontax revenue secures the nontax revenue debt. Nontax revenue includes no ad valorem tax revenue and is only a portion of general fund revenue. However, bond documents do not prohibit the city from using other revenue to pay debt service....
