Summary: Cleveland; Miscellaneous Tax

S&P Global Ratings assigned its 'AA-' long-term rating to Cleveland's $13.3 million series 2021 taxable economic and community development revenue bonds, which are rated on par with our view of the city's general creditworthiness. The outlook is stable. Officials will use series 2021 economic and community development revenue bond proceeds for public infrastructure improvements at the new Sherwin Williams headquarters. The series 2021 bonds are secured by the city's pledge of nontax revenue. The city's nontax revenue bonds are special obligations secured by certain nontax revenue of the city. Nontax revenue includes no ad valorem tax revenue and is only a portion of general fund revenue. However, bond documents do not prohibit the city from using other revenue to pay

...S&P Global Ratings assigned its '##-' long-term rating to Cleveland's $13.3 million series 2021 taxable economic and community development revenue bonds, which are rated on par with our view of the city's general creditworthiness. The outlook is stable. Officials will use series 2021 economic and community development revenue bond proceeds for public infrastructure improvements at the new Sherwin Williams headquarters. The series 2021 bonds are secured by the city's pledge of nontax revenue. The city's nontax revenue bonds are special obligations secured by certain nontax revenue of the city. Nontax revenue includes no ad valorem tax revenue and is only a portion of general fund revenue. However, bond documents do not prohibit the city from using other revenue to pay debt service. We rate the nontax revenue bonds at the same level as our view of the city's general creditworthiness because there is no limit on the fungibility of resources available for debt service and because the city's...

Summary