Summary: Cleveland; General Obligation; Miscellaneous Tax

S&P Global Ratings assigned its 'AA+' long-term rating to Cleveland's $64.3 million series 2020A various purpose general obligation (GO) bonds, reflecting an additional first-lien pledge of the city's 2.5% income tax. At the same time, S&P Global Ratings affirmed its 'AA+' long-term rating and underlying rating (SPUR) on the city's existing GO bonds, and its 'AA' long-term and SPUR on the city's subordinate-lien income tax bonds and unrestricted income tax bonds (police and fire pension bonds). A subordinate lien on the total 2.5% income tax secures the subordinate income tax bonds. A subordinate lien on the unrestricted portion--or eight-ninths--of the city's income taxes levied at a rate of 2.5% secures the subordinate-lien unrestricted income tax bonds (police and fire pension

...S&P Global Ratings assigned its '##+' long-term rating to Cleveland's $64.3 million series 2020A various purpose general obligation (GO) bonds, reflecting an additional first-lien pledge of the city's 2.5% income tax. At the same time, S&P Global Ratings affirmed its '##+' long-term rating and underlying rating (SPUR) on the city's existing GO bonds, and its '##' long-term and SPUR on the city's subordinate-lien income tax bonds and unrestricted income tax bonds (police and fire pension bonds). A subordinate lien on the total 2.5% income tax secures the subordinate income tax bonds. A subordinate lien on the unrestricted portion--or eight-ninths--of the city's income taxes levied at a rate of 2.5% secures the subordinate-lien unrestricted income tax bonds (police and fire pension bonds). The outlook is stable. Series 2020A GO bond proceeds will be used to finance various projects as part of the city's annual capital improvement plan. The ratings reflects our priority-lien tax revenue debt...

Summary