CHICAGO — Moody’s Investors Service and Standard & Poor’s have revised their outlooks on the Chicago Board of Education’s bonds to negative. They cited escalating financial challenges as the district prepares to sell $418 million of new money on Wednesday and a $243 million refunding to restructure debt next week.

Moody’s on Friday affirmed the district’s Aa2 general obligation rating and assigned a negative outlook. Standard & Poor’s late Thursday affirmed its AA-minus and assigned a negative outlook to the upcoming sale and $4.9 billion of outstanding debt.

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