...S&P Global Ratings assigned its '##+' long-term rating to Cleveland's series 2018 limited-tax general obligation (GO) various purpose bonds (reflecting an additional first-lien pledge of the city's 2.5% income tax) and series 2018A subordinate-lien income tax bonds. At the same time, we affirmed our '##+' long-term rating and underlying rating (SPUR) on the city's existing limited-tax 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. Cleveland will use the series 2018 GO bond proceeds to finance various projects as part of its annual capital improvement plan. Approximately $27 million of the proceeds will be used to replace the city's streetlights with LED lighting, which is expected to save the city $3.5 million...
