S&P Global Ratings affirmed its 'AA-' long-term rating on Cleveland's nontax revenue bonds. At the same time, S&P Global Ratings affirmed its 'A+' long-term rating on the city's annual appropriation bonds. The rating affirmation is based on the application of our "Methodology for Rating U.S. Governments," published Sept. 9, 2024, on RatingsDirect. The outlook is stable. The city's nontax revenue bonds are special obligations secured by certain nontax revenue of the city. 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. We rate the nontax revenue bonds at the same level as our view of the
