The 'BBB+' issuer credit rating (ICR) on Cleveland Municipal School District, Ohio's unlimited-tax GO bonds has been affirmed and reflects the district's: Participation in Cleveland's deep and diverse economic base; 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 $335 million in unlimited-tax GO bonds. Mitigating factors include: Declining enrollment; and Limited history of maintaining balanced operations, which occurred through major deficit reduction plans, and the failure to pass an operating levy increase in November 2004 and August 2005. The 'AA' enhanced rating reflects the district's eligibility for, and participation in, the Ohio Credit Enhancement Program. In 1998, the Cleveland public school system became the
