CHICAGO - Moody's Investors Service yesterday downgraded ratings on the outstanding general obligation debt secured by the Chicago Board of Education and the Chicago School Finance Authority, citing the school system's ongoing financial problems.

Moody's lowered to Ba from Baa the rating on $8.58 million of the board's uninsured debt and on $5.29 million of Chicago Public Building Commission debt secured by the board. The rating agency lowered to Baa 1 from A the rating on the authority's $46 million of unenhanced debt.

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