CHICAGO (Standard&Poor's) April 27, 2004—Standard&Poor's Ratings Services' has assigned its 'BBB+' Standard&Poor's underlying rating (SPUR) to Cleveland Municipal School District, Ohio's $125 million unlimited-tax general obligation school bonds, reflecting the district's access to Cleveland's deep and diverse economic base. The bonds are scheduled to sell on May 11. The outlook is stable. At the same time, Standard&Poor's affirmed its 'BBB+' SPUR on the district's outstanding unlimited-tax general obligation various purpose improvement and refunding bonds. The rating also reflects the district's large capital facilities plan, which will be two-thirds funded by the state; and voter support of the capital facilities plan with the approval of $330 million in unlimited-tax GO bonds. Mitigating factors
