Summary: Cuyahoga County, Ohio; General Obligation

S&P Global Ratings assigned its 'AA' long-term rating to Cuyahoga County, Ohio's series 2019A and 2019B general obligation (GO) capital improvement and refunding bonds. The outlook is stable. Proceeds from the 2019A GO bonds will be used to fund various capital improvements at the Rocket Mortgage FieldHouse (home of the Cleveland Cavaliers). Officials intend to pay the debt service on the bonds with collections from the county's excise tax. As passed in a special election on May 6, 2014, excise taxes are levied by the county on spirituous liquor, beer, wine, and other beverages and cigarettes sold in the county for a period of 20 years beginning Aug. 1, 2015. Cuyahoga County voters first approved the excise tax in 1990,

...S&P Global Ratings assigned its '##' long-term rating to Cuyahoga County, Ohio's series 2019A and 2019B general obligation (GO) capital improvement and refunding bonds. The outlook is stable. Proceeds from the 2019A GO bonds will be used to fund various capital improvements at the Rocket Mortgage FieldHouse (home of the Cleveland Cavaliers). Officials intend to pay the debt service on the bonds with collections from the county's excise tax. As passed in a special election on May 6, 2014, excise taxes are levied by the county on spirituous liquor, beer, wine, and other beverages and cigarettes sold in the county for a period of 20 years beginning Aug. 1, 2015. Cuyahoga County voters first approved the excise tax in 1990, which helped build Rocket Mortgage FieldHouse and Progressive Field (home of the Cleveland Indians), and then approved a 10-year extension in 1995 to assist in the construction of the stadium used by the Cleveland Browns. Permitted uses of the approved excise tax are to...

Summary