The stable outlook reflects our expectation that the school will achieve enrollment targets necessary to meet debt service requirements in the near term. Further, the rating incorporates the school's need to rebuild cash to healthy levels as a result of the transfer of the charter to a non-profit corporation from a for-profit corporation and the non-profit's acquisition of all land, facilities, improvements, furniture, fixtures and equipment that comprise the campuses as a result of this transaction, the school's only cash will be from a subordinate promissory note that will be repaid over seven years as the school rebuilds its cash from the normal course of operations. The rating also reflects the projected narrow but satisfactory debt service coverage post-issuance which will require some enrollment growth, as well as the school's strong academic performance with consistent outperformance over the state and local school districts in most grade levels, though the school is challenged by significant competition from other charter schools in the area, some of which outperform the Benjamin Franklin academically. The Ba2 rating reflects the school's 23 year operating history, current 20 year charter which expires in 2031, and newly formed corporate board that will manage the district as of bond closing.
Mricopa ioda series#
New York, Novem- Moody's Investors Service has assigned an initial Ba2 rating and stable outlook to The Industrial Development Authority of the County of Maricopa, AZ's Education Revenue Bonds (Benjamin Franklin Charter School Projects) $71.4 million Series 2018A and $480,000 Taxable Series 2018B. NOTE: On March 8, 2019, the press release was corrected as follows: At the end of the press release, the address of the first contact, Heather Guss, was changed to 600 North Pearl Street, Suite 2165, Dallas, TX 75201, US.
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