...Standard & Poor's Ratings Services has assigned its '###' long-term rating to Cuyahoga County, Ohio's series 2015 sales tax revenue bonds. At the same time, we affirmed our '###' long-term rating on the county's series 2014 various purpose sales tax revenue bonds. The rating outlook is stable. The county is pledging its 1.25% tax on all retail sales in the county and on the storage, use, or consumption in the county of tangible personal property, including automobiles to pay the debt service on the 2015 bonds. In addition, the city is also pledging tax increment revenues to pay debt service. The pledge of the tax increment revenues does not meet our criteria and thus we consider the pledge of sales tax revenues as the stronger security, which reflects our '###' rating assignment. It is our understanding that bond proceeds will be used to help finance construction, rehabilitation, and renovation costs to publicly owned park space at the center of downtown Cleveland Ohio, referred to as Public...
