Fitch Ratings revised the outlook on the Chicago Board of Education’s A-plus rating to positive from stable as the district enters the market Thursday with a $480 million fixed-rate deal with plans to exit the auction-rate market.

The credit action affects $4.5 billion of outstanding general obligation debt. Moody’s Investors Service rates the district A1 while Standard & Poor’s rates it AA-minus. Chicago Public Schools plan to use up to $30 million of cash on hand to cover any termination payments on swaps tied to the auction-rate debt being refunded with the fixed-rate issue. That figure is preliminary as the final termination costs are not yet known.

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