...S&P Global Ratings affirmed its '##' long-term rating on Cuyahoga County, Ohio's general obligation (GO) debt. At the same time, we affirmed our '##-' long-term rating on the nontax- and appropriation-secured bonds issued either by or for Cuyahoga County. The outlook is stable. The county's full faith and credit and an agreement to levy ad valorem property taxes within the 10-mill limitation secure the notes and the bonds. We believe the county possesses the financial stability and flexibility necessary to sustain ratings on the limited-tax bonds equal to an unlimited-tax pledge. The city's nontax revenue bond rating of '##-' is one notch below the GO debt rating given the limited nature of the security. Nontax revenue consists of charges for services; payments in lieu of taxes; fines and forfeitures; fees, licenses, and permits; investment earnings; proceeds from the sale of assets, rental income, federal grants, gifts, and donations; and project revenue. However, bond documents do not...
