...S&P Global Ratings affirmed its '##' long-term rating on Cuyahoga County, Ohio's general obligation (GO) and nontax revenue debt and its '##-' long-term rating on the county's appropriation-secured debt. The outlook is stable. The county's full faith and credit and an agreement to levy ad valorem property taxes within the state's 10-mill limitation secure its GO debt. Certain nontax revenue secures the nontax revenue bonds, but the county is legally permitted to use all available revenue to pay debt service. In both cases, we rate the debt at the same level as our view of the county's general creditworthiness. We believe that the county's ability to pay these obligations is closely tied to its operations and we see no limits on the fungibility of resources available for debt service. Lease rental payments, subject to appropriation, secure the county's series 2013 development lease revenue bonds (issued by the Cleveland-Cuyahoga County Port Authority) and series 2014 certificates of participation....
