...S&P Global Ratings assigned its '##' long-term rating to Cuyahoga County, Ohio's series 2020A, 2020B, and 2020C taxable economic development revenue refunding bonds. At the same time, S&P Global Ratings affirmed its '##' long-term rating on the county's general obligation (GO) and non-tax-revenue debt and its '##-' long-term rating on appropriation-secured bonds issued by or for Cuyahoga County. The outlook is stable. Certain non-tax revenue secures the series 2020 bonds, but the county is legally permitted to use all available revenue to pay debt service. Given this, we rate the debt at the same level as our view of the county's general creditworthiness, as reflected by an unlimited-tax GO pledge. We believe that the county's ability to pay these obligations is closely tied to its operations and that there are no limits on the fungibility of resources available for debt service. Series 2020 bond proceeds will be used to refund the county's series 2010A, 2010B, and 2010C taxable economic...
