Summary: Cleveland; General Obligation; Miscellaneous Tax

Standard&Poor's Ratings Services assigned its 'AA' long-term rating to Cleveland's series 2016 various-purpose and refunding general obligation (GO) bonds, reflecting an additional first-lien pledge of the city's 2% income tax. At the same time, we affirmed our 'AA' long-term rating and underlying rating (SPUR) on the city's previously issued limited-tax GO bonds, reflecting an additional first-lien pledge of the city's 2% income tax. In addition, we affirmed our 'AA' long-term rating and SPUR on Cleveland's previously issued subordinate-lien income tax bonds, reflecting a junior-lien pledge of the city's income tax receipts subordinated only to the city's GO bonds. Finally, we affirmed our 'AA' long-term rating on the city's subordinate-lien unrestricted income tax bonds (police and fire pension bonds).

...Standard & Poor's Ratings Services assigned its '##' long-term rating to Cleveland's series 2016 various-purpose and refunding general obligation (GO) bonds, reflecting an additional first-lien pledge of the city's 2% income tax. At the same time, we affirmed our '##' long-term rating and underlying rating (SPUR) on the city's previously issued limited-tax GO bonds, reflecting an additional first-lien pledge of the city's 2% income tax. In addition, we affirmed our '##' long-term rating and SPUR on Cleveland's previously issued subordinate-lien income tax bonds, reflecting a junior-lien pledge of the city's income tax receipts subordinated only to the city's GO bonds. Finally, we affirmed our '##' long-term rating on the city's subordinate-lien unrestricted income tax bonds (police and fire pension bonds). The outlook is stable. The '##' rating on the first-lien income tax bonds also reflects our opinion of the city's:...

Summary