The 'AA' rating on Gateway Economic Development Corp., Ohio's stadium revenue refinancing bonds series 2004A and 2004B, issued for Cuyahoga County, reflects the following credit strengths: The general creditworthiness of Cuyahoga County (GO rating 'AA+', stable) as guarantor; The success of Jacobs Field, the stadium of the Cleveland Indians baseball team, as an economic development project; Strong contractual provisions, where the county agrees to annually budget and appropriate for the Gateway bond guarantee and the county's history of budgeting for the guarantee in its annual budgets since the related subordinate excise tax bonds were issued in 1990; and The project's history of self-support since 1994. The series 2004 bonds are refunding bonds issued in 1993. In the county's annual recommended
