Standard&Poor's Ratings Services lowered its rating on Cuyahoga County, Ohio's general obligation (GO) bonds to 'AA' from 'AA+' based on our recently released local GO criteria. We also lowered our rating on the county's nontax and appropriation secured bonds to 'AA-' from 'AA' in tandem with the GO downgrade. The outlook is stable. We rate the county's nontax revenue bonds one notch below the GO rating due to the limited nature of the security. The notched rating on the Cleveland-Cuyahoga County Port Authority's lease revenue bonds issued for Cuyahoga County reflects the appropriation risk, while our notched rating on Gateway Economic Development Corp.'s series 2004A stadium revenue refunding bonds issued for Cuyahoga County reflects the security provided by
