S&P Global Ratings assigned its 'AA+' long-term rating to Cleveland's series 2017B subordinate-lien income tax refunding bonds. At the same time, we affirmed our 'AA+' long-term rating and underlying rating (SPUR) on the city's existing limited-tax general obligation (GO) bonds, reflecting an additional first-lien pledge of the city's 2.5% income tax; 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; and subordinate-lien unrestricted income tax bonds (police and fire pension bonds). The outlook is stable. The 'AA+' rating on the first-lien income tax bonds reflects our opinion of the city's: Broad and diverse economy with steady income tax growth; Wide and diverse income tax base, including nonresidents employed
