For the second time in three months, Standard & Poor's has upgraded its long-term rating on the Cleveland-Cuyahoga County Port Authority's bond fund program, this time due to a new letter of credit.
The ratings agency now rates the authority BBB-plus. In September, it boosted the rating to BBB from BBB-minus. That upgrade reflects a "strong enterprise risk profile" as well as an "adequate" financial risk profile, analysts said. At the time the ratings agency warned that a possible challenge is a $9 million letter of credit, with negative provisions, from Fifth Third Bank that was part of the program reserve fund.