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CMSD's credit outlook gets upgrade
CMSD NEWS BUREAU
Moody's Investors Services has upgraded CMSD's credit outlook from negative to stable.
The upgrade came as the District refinanced more than $10 million in debt from 2004. The refinancing will save the schools more than $1 million, CMSD Chief Executive Officer Eric Gordon told the Board of Education on Tuesday.
Moody's assigned the debt a rating of Aa2, signifying high quality and a very low credit risk. The ratings service cited significant moves to reduce expenses, passage of 15-mill property tax in 2012 and management flexibility provided by The Cleveland Plan, the District's state-approved blueprint for reform.