S&P raises Cleveland School District, Ohio GOs to 'A-'

Fri Jan 4, 2013 4:56pm EST

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Jan 4 (Reuters) - Standard & Poor's Ratings Services raised its school issuer credit rating (ICR) on Cleveland Municipal School District, Ohio's general obligation debt to A-minus wi th a stable outlook fr o m BBB-plus on Friday.

S&P said the upgrade reflects the passage of a tax increase a nd management's steps to improve operations which h ave s tabilized t h e district's pr eviously w eak finances.

An upcoming sale of unlimited-tax GO refunding bonds was rated AA based on the district's participation in Ohio's state aid intercept program, which provides liquidity and credit support for the bonds.