Summary: Cleveland; Appropriations; Miscellaneous Tax

S&P Global Ratings affirmed its 'AA-' long-term rating on Cleveland's nontax revenue bonds, which are rated on par with our view of the city's general creditworthiness. At the same time, we affirmed our 'A+' long-term rating on the city's series 2010 annual appropriation bonds (Flats East Project). The outlook is stable. The 'AA-' rating on the nontax revenue bonds is on par with our view of the city's general creditworthiness, as is usually reflected by an unlimited-tax general obligation (GO) pledge. While we maintain a rating on the city's GO bonds, the rating reflects a first-lien pledge of the city's 2.5% income tax, which we view as the stronger pledge in accordance with our criteria "Methodology: Rating Approach To Obligations

...S&P Global Ratings affirmed its '##-' long-term rating on Cleveland's nontax revenue bonds, which are rated on par with our view of the city's general creditworthiness. At the same time, we affirmed our 'A+' long-term rating on the city's series 2010 annual appropriation bonds (Flats East Project). The outlook is stable. The '##-' rating on the nontax revenue bonds is on par with our view of the city's general creditworthiness, as is usually reflected by an unlimited-tax general obligation (GO) pledge. While we maintain a rating on the city's GO bonds, the rating reflects a first-lien pledge of the city's 2.5% income tax, which we view as the stronger pledge in accordance with our criteria "Methodology: Rating Approach To Obligations with Multiple Revenue Streams," published Nov. 29, 2011, on RatingsDirect. For more information on the city's GO bonds, see our report to be published later today. The city's non-tax revenue bonds are special obligations secured by certain non-tax revenue of...

Summary