S&P Global Ratings raised its underlying rating (SPUR) to ?A-? from ?BBB+? on Cleveland Municipal School District (CMSD), Ohio?s general obligation (GO) debt outstanding. At the same time, we assigned our ?A-? long term to the district?s approximately $75 million school improvement bonds, series 2025. Finally, we affirmed our ?AA+? long-term rating on the district?s existing debt based on participation in the Ohio State Credit Enhancement Program. The outlook is stable. The upgrade reflects the district?s improved financial position, which we expect will be maintained given cost-cutting measures and the passage of new local revenue. We believe the district?s restored liquidity and nominally robust reserve position are strong enough to withstand broader macroeconomic and state and federal policy uncertainty. The
