S&P rates Cleveland tax bonds AA

Standard & Poor's said it assigned a rating of AA to the city of Cleveland's $62.9 million series 2008 subordinate-lien unrestricted income tax bonds.

The bonds are due Dec. 31, 2009.

Proceeds will be used to make police and fire pension payments.

S&P also affirmed its AA/A-1+ rating on the city's series 1994 subordinate income tax variable-rate demand bonds. The outlook is stable.

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