S&P Global Ratings assigned its 'AA+' long-term rating to Cleveland's $64.4 million series 2024A 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. The outlook is stable. The series 2024A 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 the strength and stability of the pledged revenue as well
