...S&P Global Ratings assigned its '##' long-term rating to Cleveland's $81.8 million series 2021A subordinate-lien income tax and refunding bonds. At the same time, S&P Global Ratings affirmed its '##' long-term rating and underlying rating (SPUR) on the city's previously issued 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. 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. Of the series 2021A bond proceeds, $60 million will be used to help finance the construction of a police headquarters, and the remainder will...
