CHICAGO — Fitch Ratings dropped the Chicago Board of Education's general obligation rating one level to A-plus Thursday due to mounting fiscal challenges from state aid delays and the looming expiration of federal aid and pension relief that helped close a fiscal 2011 deficit.

"The downgrade … reflects the Chicago Public Schools' weakened financial flexibility and expected continued challenges in the next several years in attaining stable financial operations given the diminution of non-recurring sources of budget relief," Fitch analysts wrote.

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