S&P Global Ratings assigned its 'A+' long-term rating to Cleveland's series 2023 refunding certificates of participation (Cleveland Stadium Project). At the same time, S&P Global Ratings affirmed its 'AA-' long-term rating on the city's nontax revenue bonds and its 'A+' long-term rating on the city's annual appropriation bonds. The outlook is stable. Proceeds from the series 2023 certificates of participation (COPs) will be used to refund the city's series 2010B COPs, which are subject to mandatory tender on Nov. 15, 2023. The debt was originally issued in 1997 to finance the construction of Cleveland Browns Stadium, and the 2010B COPs were privately placed with Wells Fargo Bank. The COPs are secured by lease payments, subject to annual appropriation, that are
