CHICAGO -- The financial oversight authority for the Chicago Board of Education yesterday rejected the board's revenue estimates for its fiscal 1993 budget, based on the uncertainty of $120 million of early state aid payments and employee concessions.

Meanwhile, Standard & Poor's Corp. yesterday affirmed a BBB rating with a negative outlook for the board's $30.3 million of general obligation debt, but warned that "an adverse rating determination" may be made if the board fails to balance its budget.

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