...S&P Global Ratings assigned its '###' long-term rating to Cuyahoga County, Ohio's series 2017A, 2017B, and 2017C sales tax revenue bonds (Quicken Loans Arena Project). At the same time, we affirmed our '###' long-term rating on the county's series 2014 and 2015 sales tax revenue bonds. The outlook is stable. Securing the 2017 bonds are proceeds from a 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. The 2017 bonds are on parity with the county's series 2014, 2015, and 2016 sales tax bonds. There are no subordinate liens. Proceeds of the 2017 bonds will be used to fund renovations at Quicken Loans Arena, home of the Cavaliers, Monsters (minor league hockey), and Gladiators (arena football). The renovation will expand the public areas of the arena, adding a larger concourse as well as more space for related entertainment. While the bonds are legally secured only by the county's sales tax,...
