The 'AA' rating on Cuyahoga County, Ohio's taxable economic development revenue refunding bonds reflects the county's: Non-ad valorem tax pledge, and The county's general creditworthiness ('AA+' GO debt rating, stable outlook). The bonds are special obligations of the county, payable from general fund nontax revenues. The county covenants to budget and appropriate nontax revenues on an annual basis for debt service. The series A bonds are refunding Gateway Arena project bonds. The series C bonds are refunding Brownfield Redevelopment Fund project bonds. The 'AA+' rating on the county's GO bonds reflects: A large and diverse economic base, anchored by Cleveland; Average income levels; A strong financial management team that has adjusted spending in recent years to counter revenue declines while
