Standard&Poor's Ratings Services assigned its 'AA' long-term rating to Cleveland, Ohio's series 2015B-1, 2015B-2, 2015B-3, 2015B-4, and 2015B-5 subordinate lien income tax refunding bonds. At the same time, Standard&Poor's affirmed its: 'AA' rating on the city's previously issued limited-tax GO bonds, reflecting their additional first-lien pledge of its 2% income tax; 'AA' rating on Cleveland's outstanding subordinate-lien income tax bonds, reflecting a junior-lien pledge of the city's income tax receipts subordinated only to the city's general obligation (GO) bonds; and 'AA' rating on the city's existing police and fire pension bonds. The outlook on all ratings is stable. The 'AA' rating on the first-lien income tax bonds reflects our opinion of the following credit characteristics: The
