S&P revises Chicago Charter School Foundation outlook to negative

July 17 Wed Jul 17, 2013 12:22pm EDT

July 17 (Reuters) - Standard & Poor's Ratings Services on Wednesday revised its outlook to negative from stable on Illinois Finance Authority's series 2007 charter school revenue bonds. The bonds were issued on behalf of the Chicago Charter School Foundation.

The negative outlook reflects the expectation "that operations on a consolidated GAAP basis may weaken in fiscal 2013," and declines in cash levels in the past few year, S&P said.

The rating agency also affirmed the its BBB-plus long-term rating on the Illinois Finance Authority's series 2007 bonds.