CHICAGO – The Chicago Board of Education will sell $500 million of general obligation bonds next week for ongoing construction and maintenance projects hoping the strong municipal market will cushion the impact of two downgrades on its borrowing costs.

Standard & Poor’s on Tuesday downgraded the board’s rating to A-plus from AA-minus in response to the Chicago Public Schools’ decision to drain its reserves to balance its proposed fiscal 2013 budget and other fiscal pressures. It assigned a stable outlook.

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