S&P revises outlook for Chicago schools to stable

Reuters News
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Posted: Sep 29, 2011 10:53 AM
S&P revises outlook for Chicago schools to stable

CHICAGO (Reuters) - Standard & Poor's Ratings Services on Thursday revised the outlook on the AA-minus general obligation bond rating of the Chicago Board of Education to stable from negative.

"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 S&P analyst John Kenward in a statement.

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(Reporting by Karen Pierog)