CHICAGO — Rating pressures on the financially strapped Chicago Public Schools eased a bit Thursday when Standard & Poor’s revised its outlook to stable from negative on the district’s AA-minus rating in recognition of its move to trim costs to help eliminate a $700 million gap in its fiscal 2012 budget.

The agency affirmed the AA-minus in the first rating review since the Chicago Board of Education’s adoption of a new $5.9 billion spending plan over the summer. Fitch Ratings and Moody’s Investors Service currently rate the board’s $5.6 billion of general obligation debt A-plus and Aa2, respectively.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.