Fitch Ratings this week revised its outlook to negative and affirmed its BBB-plus rating on general obligation debt issued by the Cleveland Municipal School District. The action affects $150.3 million of GOs issued in 2002 and 2004.

The district serves the city of Cleveland — which saw its general obligation debt downgraded to A3 and assigned a negative outlook by Moody's Investors Service last week — and has suffered big drops in its student enrollment over the last several years.

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