Standard&Poor's Ratings Services has assigned its 'A-' school underlying rating to Cleveland Municipal School District, Ohio's series 2015A and B unlimited-tax general obligation (GO) school improvement bonds. Standard&Poor's also affirmed its 'A-' underlying ratings on the district's existing debt. In addition, we assigned our 'AA' long-term rating to the series 2015 bonds and affirmed our 'AA' long-term rating and underlying rating (SPUR) on the district's existing GO debt, reflecting the district's eligibility for and participation in, the Ohio Credit Enhancement program. The outlook on all ratings is stable. The 'AA' program rating reflects our opinion of the strength of the Ohio State Aid Intercept program, which provides liquidity and credit support on the bonds; therefore, our
