...S&P Global Ratings revised the outlook to positive from stable and affirmed its 'A' long-term ratings on Cleveland, Ohio's previously issued nontax revenue bonds, series 2010 refunding certificates of participation (COPs; Cleveland Stadium Project), and series 2010 annual appropriation bonds (Flats East Project). The outlook revision reflects our view that Cleveland's credit quality is improving as a result of the city's ongoing economic recovery, its recent track record of surplus operations, and the successful passage of an income tax rate increase in November 2016. While the city's population continues to decline, the rate of decline has lessened, and we believe that the city's finances are somewhat insulated from the decline given that 90% of the city's income tax revenue is generated from nonresidents and business profits. In addition, while we view the city's pension liability as a credit risk, we believe that the city's history of strong fiscal management and focus on long-term planning...
