Summary: Cleveland; Appropriations; General Obligation; Miscellaneous Tax

Standard&Poor's Ratings Services has assigned its 'A' long-term rating to Cleveland's series 2015 taxable economic and community development refunding revenue bonds (Core City Fund). At the same time, we affirmed our 'A' long-term ratings on the city's outstanding nontax revenue bonds. The outlook on all the ratings is stable. The series 2015 bonds are special obligations secured by certain nontax revenues of the city, along with project revenues, a more limited security. The city covenants to appropriate and maintain the nontax revenues pledged in such amounts as will be sufficient to pay debt service on the bonds. Nontax revenues include grants, payments in lieu of taxes (PILOTs), fines and forfeitures, fees, investment earnings, and proceeds from sale of

...Standard & Poor's Ratings Services has assigned its 'A' long-term rating to Cleveland's series 2015 taxable economic and community development refunding revenue bonds (Core City Fund). At the same time, we affirmed our 'A' long-term ratings on the city's outstanding nontax revenue bonds. The outlook on all the ratings is stable. The series 2015 bonds are special obligations secured by certain nontax revenues of the city, along with project revenues, a more limited security. The city covenants to appropriate and maintain the nontax revenues pledged in such amounts as will be sufficient to pay debt service on the bonds. Nontax revenues include grants, payments in lieu of taxes (PILOTs), fines and forfeitures, fees, investment earnings, and proceeds from sale of assets, among other revenues. However, bond documents do not prohibit the city from using other revenues to pay debt service on the series 2015 bonds and parity debt. Fiscal 2014 nontax revenues of $94.1 million provide ample 9.97x...

Summary