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Bonds News

S&P drops Chicago Board of Education rating deeper into junk

CHICAGO, Jan 15 (Reuters) - Standard & Poor’s on Friday dropped the credit rating for the financially struggling Chicago Board of Education deeper into “junk” ahead of the school district’s $875 million bond sale slated for later this month.

S&P cut the rating two notches to B-plus, while warning it could fall even further if the nation’s third-largest school district fails to beef up cash flow to cover costs. (Reporting By Karen Pierog; Editing by Chris Reese)

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