CHICAGO — One day after being slapped with a downgrade and a warning of possible further negative action, Chicago Public Schools officials are standing by their decision to dip deeply into reserves as the budget fix needed to avoid educational sacrifices.

Moody’s Investors Service late Tuesday lowered the Chicago Board of Education’s $5.9 billion of debt to A1 from Aa3 and suggested further action could be taken by assigning a negative outlook.

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