CHICAGO (Standard & Poor's) Sept. 29, 2011--Standard & Poor's Ratings Services said it revised to stable from negative the outlook on Chicago Board of Education, Ill.'s general obligation (GO) bonds and affirmed the 'AA-' ratings. We also assigned a 'AA-' rating to the board's series 2011A unlimited-tax GO bonds. "The outlook revision reflects the cost reduction measures and other steps taken by the board and its new management team that helped improve the general fund balance in fiscal 2011 and close a large budget gap in fiscal 2012," said Standard & Poor's credit analyst John Kenward. "We believe that these steps will help the board to successfully address its budgetary challenges and maintain adequate reserves in the future." The 'AA-'...
Companies mentioned in this report are:
- Chicago Brd of Ed
Action: New Rating
Action: Outlook: Stable
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