CLEVELAND, Ohio - Cuyahoga County's heavy debt load has led Moody's to downgrade its ratings as the county issues a line of credit for MetroHealth's $1 billion transformation and prepares to sell $140 million in bonds for the transformation of Quicken Loans Arena.
Moody's new ratings maintain the county's outlook is stable but the downgrade of the planned Q bonds could lead to higher interest rates and costs to taxpayers.
The county last fall had $1 billion in outstanding debt, which affects the short- and long-term ability to provide support and services to its citizens, according to a report by the Center for Community Solutions.