S&P Global Ratings has assigned its 'A-' rating and stable outlook to Cleveland's proposed revenue bonds issued for Cleveland Public Power (CPP): $78.845 million public power system revenue refunding bonds, series 2016A; and $13.285 million public power system taxable revenue refunding bonds, series 2016B. At the same time, S&P Global Ratings affirmed its 'A-' ratings on the utility's $223 million of existing revenue bonds. The CPP pays debt service from the electric system's net revenues. The bonds are solely an obligation of the utility and are not an obligation of the city's general fund. Bond proceeds will refund a portion of the CPP's existing debt. These credit factors support our assessment of the rating: S&P Global Ratings has calculated fixed
