Moody’s upgraded the long-term and short-term ratings to Aaa/VMIG 1 — on watch for possible downgrade — from A1/S.G. the rating on the Chicago Board of Education unlimited tax general obligation bonds, Series D, comprising Series D-1 & Series D-2.
The upgrade is in conjunction with the issuance of bond policies issued by Assured Guaranty Corp. to replace policies provided by CIFG Assurance NA. The standby bond purchase agreement provided by Depfa Bank plc is being amended to the standby bond purchase agreement to provide for the effectiveness of the Assured insurance policies. The rating on Assured is Aaa and is on watch for possible downgrade.