CHICAGO (Standard&Poor's) March 23, 2015--Standard&Poor's Ratings Services lowered its rating on Dexia Credit Local's series DCL 2008B custodial receipts, relating to Chicago Board of Education's series 2008B unlimited-tax general obligation refunding bonds, to 'A-' from 'A+'. This action follows Standard&Poor's March 17, 2015, lowering of its rating on the underlying bonds two notches to 'A-' from 'A+' (see, "Chicago Board of Education, IL GO Debt Rating Lowered Two Notches To 'A-' On Fiscal Imbalance; Outlook Negative", published March 18, 2015, on RatingsDirect). The rating on the custodial receipts is based on the rating on the underlying bonds (CUSIP#: 167505EN2). STANDARD&POOR's 17g-7 DISCLOSURE REPORT SEC Rule 17g-7 requires an NRSRO, for any report
