The 'AA' rating on Gateway Economic Development Corp., Ohio's stadium revenue refunding bonds series 2004A and 2004B, issued for Cuyahoga County, has been affirmed. The rating reflects the security provided by a guarantee agreement among the county, the economic development authority, and trustee that outlines the county's backstop annual appropriation pledge to cover debt service on the stadium revenue bonds and replenish the reserve fund, if necessary. The 'AA' rating reflects: The strong general creditworthiness of Cuyahoga County (GO rating 'AA+', with a stable outlook) as guarantor; The success of Jacobs Field, the stadium of the Cleveland Indians baseball team, as an economic development project; and Strong contractual provisions, with the county agreeing to annually budget and appropriate for the
