...S&P Global Ratings affirmed its '##' long-term rating on Cuyahoga County, Ohio's general obligation (GO) and non-tax-revenue debt. At the same time, we affirmed our '##-' long-term rating on appropriation-secured bonds issued either by or for Cuyahoga County. The outlook is stable. The '##' rating on the GO bonds is based on the county's full faith and credit and an agreement to levy ad valorem property taxes within the state's 10-mill limitation. The county's non-tax-revenue bonds are special obligations secured by certain non-tax revenue of the county. Non-tax revenue includes no ad valorem tax revenue and is only a portion of general fund revenue. However, bond legal documents do not prohibit the county from using other revenue to pay debt service. Despite the 10-mill limitation and the more limited revenue stream securing the non-tax-revenue bonds, we rate all of this debt at the same level as our view of the county's general creditworthiness, as reflected by an unlimited-tax GO pledge....
