Summary: Cleveland; Appropriations; Miscellaneous Tax

S&P Global Ratings raised its long-term rating to 'AA-' from 'A+' on Cleveland's previously issued nontax revenue bonds, which are rated on par with our view of the city's general creditworthiness. At the same time, we raised our long-term rating to 'A+' from 'A' on the city's series 2010 refunding certificates of participation (COPs; Cleveland Stadium Project) and annual appropriation bonds (Flats East Project). The outlook is stable. The rating action reflects our view that the city's credit profile has strengthened as a result of a track record of strong budgetary performance, which has been supported by economic expansion and an increase in the city's income tax rate, along with growth in the city's general fund reserves, which we believe

...S&P Global Ratings raised its long-term rating to '##-' from 'A+' on Cleveland's previously issued nontax revenue bonds, which are rated on par with our view of the city's general creditworthiness. At the same time, we raised our long-term rating to 'A+' from 'A' on the city's series 2010 refunding certificates of participation (COPs; Cleveland Stadium Project) and annual appropriation bonds (Flats East Project). The outlook is stable. The rating action reflects our view that the city's credit profile has strengthened as a result of a track record of strong budgetary performance, which has been supported by economic expansion and an increase in the city's income tax rate, along with growth in the city's general fund reserves, which we believe provides the city with more flexibility to adjust its budget in response to future economic downturns or other fiscal pressures....

Summary