Standard & Poor has raised the long-term rating on the Cleveland- Cuyahoga County Port Authorityâs development revenue bonds to âBBB+. The outlook is stable. In September, Standard & Poorâs upgraded the rating to BBB/Stable. The Port has since secured a new Letter of Credit (LOC) with FirstMerit Bank N.A., headquartered in Akron, Ohio. The characteristics of the new LOC were cited as the prime reason for the upgrade. Port bonds are issued through a program that has a pooled collateral system of reserves, with the most significant one being the LOC. âThis action is welcome and will translate into lower costs for borrowers, making our program even more competitive,â said Will Friedman, the Portâs President and CEO.