Summary: Cuyahoga County, Ohio; Sales Tax

S&P Global Ratings assigned its 'AAA' long-term rating to Cuyahoga County, Ohio's $123.4 million series 2022A tax-exempt sales tax revenue bonds and $67.5 million series 2022B taxable sales tax revenue bonds. At the same time, S&P Global Ratings affirmed its 'AAA' long-term rating on the county's previously issued sales tax revenue bonds. The outlook is stable. The sales tax ratings reflect our priority-lien tax revenue debt criteria, published Oct. 22, 2018, on RatingsDirect, which factors in both the strength and stability of the pledged revenue as well as the general credit quality of Cuyahoga County (the obligor's creditworthiness). For more information on the county's general creditworthiness, please see our report to be published today. The 'AAA' rating on the sales

...from Cuyahoga County. The 2022B bonds are expected to be repaid mostly with rent payments from the Guardians. Public sources of revenue noted above will cover two-thirds of the interest costs on the 2022B bonds. The intended sources of repayment are structured to cover 100% of debt service. Excess revenue will be used for capital repairs on the ballpark. County sales tax revenue will cover any shortfall in any of the intended repayment sources. Our rating reflects only the pledge of the county's 1.25% sales tax. The county is also pledging tax increment revenue to its series 2015 sales tax revenue bonds, but we rate the bonds based on the pledge of sales tax revenue, which we view as the stronger pledge. The county has also covenanted that it will fulfill any debt service shortfall on its series 2016 sales tax bonds with any legally available funds no less than two business days prior to the debt service. However, we rate the bonds based on the pledge of sales tax revenue, which we view...

Summary