Standard&Poor's Ratings Services assigned its 'AA' rating to the City of Cleveland, Ohio's water revenue bonds, series Y 2015 and series Z 2015. At the same time, Standard&Poor's affirmed its 'AA' rating on the city's existing senior-lien water-revenue backed debt and its 'AA-' rating on the city's second-lien water revenue bonds. The outlook on all ratings is stable. The rating reflects our assessment of the water system's: Stable, broad, and diverse service area, coupled with stable operations, including a plentiful water supply; Strong, but fluctuating, debt service coverage, coupled with strong liquidity; Proven track record to implement rate increases while still remaining competitive on a regional and national scale, resulting in rate flexibility; and Sizable capital
