...S&P Global Ratings assigned its '##' long-term rating to Cleveland's series 2020A subordinate-lien income tax refunding bonds. At the same time, S&P Global Ratings affirmed its '##' long-term and underlying rating (SPUR) on the city's existing subordinate-lien income tax bonds and unrestricted income tax bonds (police and fire pension bonds), and its '##+' long-term rating and SPUR on the city's general obligation (GO) bonds, reflecting an additional first-lien pledge of the city's 2.5% income tax. A subordinate lien on the total 2.5% income tax secures the subordinate income tax bonds. Securing debt service on the subordinate-lien unrestricted income tax bonds (police and fire pension bonds) is a subordinate lien on the unrestricted portion--or eight-ninths--of the city's income taxes levied at a rate of 2.5%. The outlook is stable. Series 2020A bond proceeds will be used to refund the city's series 2014A-1, 2014B-3, 2015A-2, and 2015A-3 subordinate income tax bonds, and its series 2012...
