S&P Global Ratings assigned its 'AA-' rating to Cleveland, Ohio's series 2024 water pollution control (WPC) revenue bonds. At the same time we raised our rating on the city's series 2016 WPC revenue bonds to 'AA-' from 'A+'. The upgrade reflects a very affordable rate structure that, in our view, helps mitigate affordability challenges throughout the city. Starting with this baseline will help the city's WPC division execute on its capital plan in a way that does not erode margins or liquidity lower than what we consider consistent with the rating level. The outlook is stable. The bonds are secured by the net revenue of the WPC fund. We consider bond provisions neutral. Bond covenants include a rate covenant requiring
