Standard & Poor's Ratings Services assigned its 'AA-' rating to Chicago Board of Education, Ill.'s series 2009G unlimited tax general obligation (GO) bonds. In addition, Standard & Poor's affirmed the 'AA-' rating on the board's prior GO bonds. The outlook is stable. The rating on the board reflects, in our view, the following: A deep and diverse economic base; Good financial operations supported by strong financial management and institutionalized budgetary practices; A five-year teachers' contract, which provides budget stability through fiscal 2012; The board's successful management of a massive capital improvement program (CIP); and A moderate debt burden in terms of percent of market value. In our view, mitigating factors include the following: Budgetary pressures faced by the board due...
Companies mentioned in this report are:
- Chicago Brd of Ed
Action: New Rating
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