Summary: Cleveland; Water/Sewer - S&P Global Ratings’ Credit Research

Summary: Cleveland; Water/Sewer

Summary: Cleveland; Water/Sewer - S&P Global Ratings’ Credit Research
Summary: Cleveland; Water/Sewer
Published Mar 28, 2024
5 pages (1727 words) — Published Mar 28, 2024
Price US$ 225.00  |  Buy this Report Now

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Abstract:

S&P Global Ratings affirmed its 'AA+' long-term rating on Cleveland, Ohio's existing water system revenue bonds. At the same time, we affirmed our 'AA' long-term rating on the city's second-lien water revenue refunding bonds. The outlook is stable. The system's first-lien net revenue pledge and pledged funds secure the first-lien bonds, while its second-lien net revenue pledge secures the series 2017B bonds. We consider bond provisions credit neutral. Bond provisions on the senior-lien debt include a 1.25x rate covenant, an additional bonds test (ABT), 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

  
Brief Excerpt:

...+ S&P Global Ratings affirmed its '##+' long-term rating on Cleveland, Ohio's existing water system revenue bonds. + At the same time, we affirmed our '##' long-term rating on the city's second-lien water revenue refunding bonds. + The outlook is stable....

  
Report Type:

Summary

Issuer
Sector
Global Issuers, Public Finance
Country
Region
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Summary: Cleveland; Water/Sewer – 2024/07/24 – US$ 225.00

Cleveland, Ohio; Water/Sewer – 2024/09/25 – US$ 500.00

Summary: Cleveland, Ohio; Water/Sewer – 2024/09/25 – US$ 225.00

Cleveland; Water/Sewer – 2024/03/28 – US$ 500.00

Summary: Cleveland; Water/Sewer – 2024/03/28 – US$ 225.00

Cleveland; Water/Sewer – 2024/03/28 – US$ 500.00

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MLA:
S&P Global Ratings’ Credit Research. "Summary: Cleveland; Water/Sewer" Mar 28, 2024. Alacra Store. Nov 07, 2026. <http://www.alacrastore.com/s-and-p-credit-research/Summary-Cleveland-Water-Sewer-3191298>
  
APA:
S&P Global Ratings’ Credit Research. (). Summary: Cleveland; Water/Sewer Mar 28, 2024. New York, NY: Alacra Store. Retrieved Nov 07, 2026 from <http://www.alacrastore.com/s-and-p-credit-research/Summary-Cleveland-Water-Sewer-3191298>
  
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