CHICAGO -- Standard & Poor's Corp. on Friday assigned a negative rating outlook to the Chicago Board of Education while affirming the BBB rating on the board's $75 million of outstanding general obligation debt.

A negative rating outlook also was assigned to two bond issues done on behalf of the board by the Public Building Commission of Chicago. That debt, $9.45 million of Series 75A bonds and $4 million of Series 76A bonds, also was confirmed at BBB. Debt service payments on the bonds are made by lease payments by the board to the building commission.

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