Standard&Poor's Ratings Services has raised its school issuer credit rating (ICR) on Cleveland Municipal School District, Ohio's general obligation (GO) debt to 'A-' from 'BBB+', reflecting the passage of a 15-mill operating increase and management's proactive steps to improve operations, which we believe has significantly stabilized the district's previously weak finances. The outlook is stable. At the same time, we assigned our 'A-' ICR to the district's series 2013 unlimited-tax GO school improvement refunding bonds. We also assigned our 'AA' long-term rating to the series 2013 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
