Standard&Poor's Ratings Services has assigned its 'AA-' long-term rating to Cuyahoga County, Ohio's series 2015 excise tax revenue bonds. The rating outlook is stable. The county is pledging its excise taxes on spirituous liquor, beer, wine and other beverages and cigarettes sold in the county to pay the debt service on the 2015 bonds. It is our understanding that bond proceeds will be used to help pay the cost of constructing, renovating, improving or repairing sports facilities and reimbursing the county for costs incurred by the county in the construction of sports facilities. The rating reflects our view of the county's: Strong maximum annual debt service (MADS) coverage of 2.2x based on 2014 excise tax collected by the
