...S&P Global Ratings assigned its '##+' rating and stable outlook to Cleveland's roughly $15.825 million series 2020EE water system revenue bonds and roughly $71.605 million series 2020FF water system revenue bonds and affirmed its '##+' rating, with a stable outlook, on the city's senior-lien water revenue bonds. S&P Global Ratings also affirmed its '##' rating, with a stable outlook, on the city's second-lien water revenue refunding bonds. Officials intend to use series 2020EE bond proceeds to advance refund the city's series 2012X bonds on a federally taxable basis for savings and series 2020FF bond proceeds to refund series 2012AA bonds. We consider bond provisions credit neutral. Bond provisions on the senior-lien debt include a 1.25x rate covenant, an additional bonds test, and a closed flow of funds. For the second-lien debt, bond provisions are more permissive, in our view, with a rate covenant showing net revenue covering the greater of 1.25x senior-lien debt or 1x senior bond debt...
