The 'AA' standard long-term rating on Cuyahoga County, Ohio's taxable economic development variable-rate revenue refunding bonds series 2004B reflects a one notch distinction from the GO rating because of the limited nature of the security. The rating also reflects the county's: Nontax revenue pledge, and Strong general creditworthiness ('AA+' GO debt rating, stable outlook). The short-term rating reflects a liquidity facility by Wachovia Bank, N.A. to cover the purchase price of tendered bonds. Certain nontax revenues of the county secure Cuyahoga County's series 2004B (Gateway Arena project) taxable economic development variable-rate revenue refunding bonds. The county's nontax revenue stream, with a three-year average (2005-2007, projected) of $88.8 million, based on conservative calculations, is more than sufficient to cover debt service
