...S&P Global Ratings assigned its '##+' long-term to Cleveland's series DD water revenue bonds. At the same time, S&P Global Ratings affirmed its '##+' long-term rating on the city's senior-lien water revenue bonds outstanding and its '##' long-term rating on the city's second-lien water revenue refunding bonds. The outlook is stable. The ratings reflect our opinion of the water system's very strong enterprise risk profile and extremely strong financial risk profile. The enterprise risk profile reflects our view of the system's: + Large and diverse service area, serving approximately 1.4 million people in Cleveland and its surrounding suburbs on a retail and wholesale basis (approximately three-quarters of the revenue-generating customer base is outside of Cleveland with significantly higher income levels, which, in our opinion, mitigates some of the city's economic weakness); + Affordable water rates compared with the service area's weighted average income levels, though pressured by Cuyahoga...
