Summary: Cleveland Municipal School District, Ohio; School State Program Dec 11

Standard & Poors, December 2011

Abstract
Standard & Poor's Ratings Services has assigned its 'AA' enhanced rating to Cleveland Municipal School District, Ohio's unlimited-tax general obligation (GO) school improvement refunding bonds, series 2012, and affirmed its 'AA' long-term rating and underlying rating (SPUR) on the district's existing GO debt, reflecting the district's eligibility for, and participation in, the Ohio Credit Enhancement Program. The program is structured to provide school bonds with added security from a state aid withholding mechanism that has strong statutory provisions. Upon state approval, the agreement between the state and local school district for participation in the program is irrevocable as long as any program debt is outstanding. Standard & Poor's also assigned its 'BBB+' school issuer credit rating (ICR) to the series...

Companies mentioned in this report are: Cleveland Mun Sch Dist
Action: Affirmed
Action: New Rating
Action: Outlook: Stable

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Cleveland Mun Sch Dist

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