S&P Global Ratings assigned its 'AA+' long-term rating to Cleveland's $63 million series 2023A 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 GO bonds outstanding. Finally, S&P Global Ratings affirmed its 'AA' long-term rating and SPUR on the city's previously issued subordinate-lien income tax bonds and unrestricted income tax bonds (police and fire pension bonds). The outlook is stable. The series 2023A bond proceeds will be used for various capital projects and equipment. The ratings reflect our priority-lien tax revenue debt criteria, published Oct. 22, 2018, on RatingsDirect, which factors in both
