Standard&Poor's Ratings Services assigned its 'AA' long-term rating to Cleveland, Ohio's series 2015 subordinate-lien unrestricted income tax refunding bonds (police and fire pension payment). At the same time, Standard&Poor's affirmed its 'AA' long-term rating and underlying rating (SPUR) on Cleveland's previously issued 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 its 'AA' rating on the city's existing police and fire pension bonds. The outlook is stable. The 'AA' ratings on the city's subordinate-lien income tax and subordinate-lien unrestricted income tax bonds reflect: The city's slowly diversifying economy -- once dominated by manufacturing -- transitioning to a more service-centered base; A
