In 2022, S&P Global Ratings took more positive than negative rating actions on U.S. charter schools, reflecting a sector that remains healthy due to increasing demand. Robust federal stimulus funding has led to greater financial flexibility for many of the schools we rate. We raised twice as many ratings (12) as we lowered (six). Moreover, the number of downgrades in 2022 was the lowest in a given year for the past decade (chart 2).
Chart 1
Chart 2
As discussed in "Outlook For U.S. Charter Schools: Credit Profiles Hold Steady," published Jan. 24, 2023, on RatingsDirect, demand remains solid, with charter school enrollment increasing compared with that of traditional public schools over the past two years. Although charter schools are not immune to rising expenses and labor shortages being seen across the U.S. economy, generous emergency federal funding continues to help mitigate these pressures, bolstering liquidity among the schools we rate. These positive factors and stable to increasing per-pupil financing led to the assignment of 27 new ratings in 2022, which is further indication of a growing sector.
Table 1
Charter Schools New Ratings Assigned | |||
---|---|---|---|
Institution | State | Rating | Outlook |
Achievement First Rhode Island | RI | BB+ | Stable |
Ball Charter Schools | AZ | BBB- | Stable |
Beatrice Mayes Institute | TX | BBB- | Stable |
Camden Prep Inc. | NJ | BBB- | Stable |
Citizens of the World Charter Schools-Los Angeles | CA | BB- | Stable |
College Achieve Paterson Charter School | NJ | BB+ | Stable |
East Harlem Tutorial Program | NY | BB+ | Stable |
Eleanor Kolitz Hebrew Language Academy | TX | BBB- | Stable |
Elevate Academy Inc. | ID | BB | Stable |
Environmental Charter Schools | CA | BBB- | Stable |
Evergreen Charter School | NY | BB | Stable |
Freedom Preparatory Academy | TN | BBB- | Stable |
Friere Charter School Wilimington | DE | BB | Stable |
Global Community Charter School | NY | BB+ | Stable |
Grand Concourse Academy Charter School | NY | BBB- | Stable |
Hawking STEAM Charter School | CA | BB+ | Stable |
Horizon Montessori Charter School | TX | BBB- | Stable |
Inspired Teaching Demonstration Charter School | DC | BBB | Stable |
KIPP Cooper Norcross Academy (KCNA Project LLC) | NJ | BBB | Stable |
KIPP NYC-Canal West | NY | BBB- | Stable |
Lee Montessori Public Charter School | DC | BB+ | Stable |
Manatee School for the Arts | FL | BBB- | Stable |
Memphis School of Excellence | TN | BBB- | Stable |
Paterson Arts and Science Charter School | NJ | BBB- | Stable |
Valor Collegiate Academies | TN | BBB- | Stable |
Wallace Stegner Academy | UT | BB+ | Stable |
Western Academy Charter School | FL | BB | Stable |
Table 2
Charter Schools Ratings Raised | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Institution | State | Rating to | Rating from | Outlook to | Outlook from | Description | ||||||||
Academies of Math and Science | AZ | BB+ | BB | Stable | Stable | Improved demand, operating results, coverage, and liquidity. | ||||||||
Granada Hills Charter Obligated Group | CA | BBB | BBB- | Stable | Positive | Improved financial profile reflecting strong MADS coverage and solid growth in unrestricted reserves that we expect will be sustained. | ||||||||
Green Woods Charter School | PA | BB+ | BB | Stable | Stable | Solid balance sheet metrics, recent five-year charter renewal, and steady enrollment and demand profile. | ||||||||
KIPP Nashville | TN | BBB | BBB- | Stable | Stable | Sustained healthy financial performance, supporting growth in days' cash on hand and improved MADS coverage, that we expect will continue. | ||||||||
Lee County Charter Schools | FL | BB | BB- | Stable | Stable | Improved operations and coverage, along with management's ability to stem pre-pandemic enrollment declines and sustain healthy demand. | ||||||||
Liberty Charter School, Nampa | ID | BBB+ | BBB | Stable | Stable | Sustained healthy financial performance, supporting growth in days' cash on hand and improved MADS coverage. | ||||||||
Loveland Classical Schools | CO | BB+ | BB | Stable | Stable | Improving enrollment and demand profile, healthy operations, and consistent improvements in coverage and liquidity. | ||||||||
Parnassus Preparatory School | MN | BB+ | BB | Stable | Stable | Improved financial performance, debt burden, and cash position all coupled with steady demand. | ||||||||
Public Preparatory Charter Schools Academies | NY | BBB | BB+ | Stable | - | Improved network credit fundamentals over the past two fiscal years, specifically coverage and DCOH. | ||||||||
PUC Schools | CA | BB+ | BB | Stable | Stable | Substantial improvement in the organization's financial profile following a very healthy operating surplus in fiscal 2021. | ||||||||
River Springs Charter School | CA | BB+ | BB | Stable | Positive | Material improvements in the school's cash position and debt coverage metrics, which are expected to be sustained. | ||||||||
Voyageur Academy | MI | B+ | B | Positive | Stable | Recent five-year charter renewal and a trend of improved financial performance over the past few audited years, which we expect to continue. | ||||||||
MADS--Maximum annual debt service. DCOH--Days' cash on hand. DSC--Debt service coverage. |
Table 3
Charter Schools Ratings Lowered | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Institution | State | Rating to | Rating from | Outlook to | Outlook from | Description | ||||||||
A.W. Brown Leadership Academy | TX | B+ | BB- | Negative | Negative | Weakened financial profile, leading to lease-adjusted MADS coverage below 1x and three years of full-accrual operating deficits. | ||||||||
Cornerstone Schools | FL | BB+ | BBB- | Stable | Stable | Significant increase in leverage with the series 2022 issuance, reflecting an elevated debt burden and weakened pro forma MADS coverage. | ||||||||
Crossroads Charter Academy | MI | B+ | BB- | Stable | Negative | Precipitous enrollment declines over the past three years. | ||||||||
Flagstaff Academy | AZ | BBB- | BBB | Stable | Negative | Enrollment declines pressuring operations and MADS coverage. | ||||||||
HOPE Community Academy | MN | BB- | BB | Stable | Negative | Weakened financial profile stemming from initial enrollment challenges leading to weaker financial metrics. | ||||||||
PACT Charter School | MN | BB+ | BBB- | Negative | Stable | Significant increase in leverage, weakened pro forma MADS coverage, and expansion risk associated with growth to a second facility. | ||||||||
MADS--Maximum annual debt service. DCOH--Days' cash on hand. |
Table 4
Charter Schools Outlook Revisions | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Institution | State | Rating | Outlook to | Outlook from | Description | |||||||
Acero Charter School | IL | BB+ | CreditWatch Negative | Stable | Lack of timely information of satisfactory quality to maintain our rating in accordance with our applicable criteria and policies. | |||||||
Acero Charter School | IL | BB+ | Stable | Credit Watch Negative | Removed from CreditWatch negative following receipt of latest enrollment and financial data, which indicated stable credit characteristics. | |||||||
Arizona Autism Charter Schools Inc. | AZ | BB | Positive | Stable | Continued enrollment growth spurring increased revenues, consistent trend of solid operating margins, coverage, and liquidity levels. | |||||||
ASPIRA of Delaware Charter Operations Inc., d/b/a Las Americas ASPIRA Academy | DE | BB | Stable | Negative | Improved operations and liquidity in fiscal 2021 and into fiscal 2022. | |||||||
Aspire Public Schools | CA | BBB | Stable | Negative | Improved financial performance, stabilzing enrollment, and strengthened liquidty position. | |||||||
Bronx Charter School for Excellence | NY | BBB- | Positive | Stable | Strengthening overall financial profile, including improved operational performance and a healthy cash position for the rating. | |||||||
Chandler Park Academy | MI | BBB- | Stable | Negative | Steady demand and improved financial operations. | |||||||
Cheyenne Mountain Charter Academy | CO | BBB- | Stable | Negative | Stabilized operating performance, with healthy financial results expected for fiscal 2022 and successful transition to a new authorizer. | |||||||
Community Leadership Academy | CO | BB+ | Stable | Negative | Improved enrollment trends that have strengthened both the school's enterprise profile and financial performance. | |||||||
Doral Academy Inc. | FL | BBB- | Positive | Stable | Improving lease-adjusted MADS coverage and robust liquidity position. | |||||||
Flint International Academy | MI | BB | Stable | CW Negative | Receipt of all requested information relevant to our review reflecting a consistent credit profile. | |||||||
Great Oaks Legacy Charter School | NJ | BB+ | Positive | Stable | Continued enrollment growth, solid demand, and improved financial metrics. | |||||||
GreatHearts Arizona | AZ | BBB- | Positive | Stable | Improved operating trends, increasing liquidity, and successful growth into debt. | |||||||
Hanley International Academy | MI | BB | Positive | Stable | Materially improved financial operating margins and debt service coverage metrics aided by 2021 refinancing. | |||||||
ICEF Public Schools* | CA | BB | Negative | Stable | Weakened enterprise profile spurred by sustained trend of enrollment declines, along with academic challenges that have previously resulted in elevated charter risk. | |||||||
International Academy of Flint | MI | BB | Credit Watch Negative | Negative | Lack of timely information. | |||||||
Kaizen Education Foundation | AZ | BB | Stable | Negative | Lowered risk of charter revocation associated with one of its campuses. | |||||||
Liberty Common Charter School | CO | BBB- | Positive | Stable | Strengthening enterprise profile, steady enrollment, solid demand, and healthy MADS coverage and liquidity. | |||||||
Littleton Preparatory Charter School | CO | BB+ | Positive | Stable | Improved financial metrics, with healthy margins, strengthening MADS, and solid days' cash on hand. | |||||||
MaST Community Charter School | PA | BBB- | Positive | Stable | Improved financial metrics with consistently healthy full-accrual operating margins, strengthened lease-adjusted MADS coverage, and solid days' cash. | |||||||
Math & Science Academy Building Company | MN | BBB- | Negative | Stable | Weakened MADS coverage and softer operating performance. | |||||||
Nevada Charter Academies, d/b/a Amplus Academy | NV | BB | Positive | Stable | Improved financial metrics, strengthened lease-adjusted MADS coverage, liquidity, and successful enrollment growth resulting from expansion. | |||||||
Nova Academy | TX | BB | Negative | Stable | Weakened enterprise profile, with material enrollment declines in five of the past six years, from a high of 962 students to 674 students in fall 2021. | |||||||
Old Redford Academy | MI | BB- | Stable | Negative | Stabilization in financial flexibility and improved operating performance. | |||||||
Palmetto Scholars Academy | SC | BB+ | CWN | Stable | DSC covenant violation expected for fiscal 2022 combined with short-term uncertainties regarding potential bondholder action. | |||||||
River Springs Charter Schools | CA | BB | Positive | Stable | Improved liquidity, combined with growing enrollment, positive operations and good coverage. | |||||||
Scuola Vita Nuova Charter School | MO | BB+ | Positive | Stable | Enrollment growth after expansion, supporting improved MADS and liquidity. | |||||||
Somerset Academy of Las Vegas§ | NV | BB | Stable | Positive | Despite improving operations, growing enrollment and a recent four-year charter renewal, limited upside due to ongoing designation for academic weakness at four of its campuses. | |||||||
Tapestry Charter School | NY | BB+ | Positive | Stable | Strengthening financial profile, including improved operating performance and cash position. | |||||||
TEAM Academy Charter School† | NJ | BBB | Stable | Negative | Steady enrollment increases and improved operating results supporting successful growth in its series 2021 bond issuance. | |||||||
Texas Leadership Charter Academy | TX | BB | Positive | Stable | Strengthening financial profile, including growth of unrestricted reserves and a sustained trend of positive operating performance, with projections of continued maintenance at similar levels through the outlook. | |||||||
Utah Charter Academies Inc. | UT | BBB- | Stable | Negative | Multiyear trend of improved operating performance translating to healthier MADS coverage and growing liquidity position. | |||||||
Victory Charter School | ID | BBB- | Positive | Stable | Track record of exceptional margins, MADS coverage, and overall financial flexibility despite cash funding certain facility improvements. | |||||||
West Philadelphia Achievement Charter Elementary School | PA | BB- | Negative | CW Negative | Continued uncertainty around charter renewal decision timeframe with the School District of Philadelphia. | |||||||
MADS--Maximum annual debt service. DCOH--Days' cash on hand. DSC--Debt service coverage. *Includes both obligated groups for ICEF; the series 2013 (ICEF View Park Preparatory High School) and series 2014 (ICEF View Park Preparatory Elementary and Middle Schools). §Includes both obligated groups for Somerset Academy of Las Vegas: the series 2015 & 2018 obligated group and the series 2019 & 2021 obligated group. †Includes both Friends of Team Academy and Ashland School Inc. as borrowers on the series 2013, 2018, and 2021 bonds. |
Table 5
Charter Schools Maintained Ratings | |||
---|---|---|---|
Institution | State | Rating | Outlook |
21st Century Charter School | IN | B+ | Stable |
Academia Cesar Chavez | MN | BB | Stable |
Academic Leadership Charter School | NY | BBB- | Stable |
Academies of Math and Science | AZ | BB+ | Stable |
Advanced Technology Academy | MI | BB+ | Stable |
Albany Leadership Academy | NY | BB | Stable |
Albert Einstein Academies | CA | BB | Stable |
Albuquerque School of Excellence | NM | BB | Stable |
Alliance for College-Ready Public Schools | CA | BBB | Stable |
Alliance Gertz Ressler Richard Merkin 6-12 Complex | CA | BBB- | Stable |
Alliance Patti and Peter Neuwirth Leadership Academy | CA | BBB- | Stable |
American Charter Schools Foundation | AZ | BB+ | Stable |
American Heritage Education Foundation | CA | BBB- | Negative |
American Leadership Academy | UT | BBB | Stable |
Arizona School for the Arts | AZ | BB+ | Stable |
Arlington Classics Academy | TX | BBB- | Stable |
Aspen Ridge Preparatory School | CO | BB | Stable |
Austin Achieve Public Schools | TX | BBB- | Stable |
Austin Achieve Public Schools | TX | BBB- | Stable |
Avon Grove Charter School | PA | BBB- | Stable |
Avondale Meadows Academy | IN | BB | Stable |
Bay Haven Charter Academy | FL | BBB | Stable |
Ben Franklin Academy | CO | BBB- | Stable |
Berean Academy | AZ | BB | Stable |
Blackstone Valley Prep | RI | BB+ | Stable |
Brighter Choice Elementary Charter Schools | NY | BB+ | Stable |
Brilla Public Charter Schools | NY | BB+ | Stable |
Brookside Charter School | MO | BB | Stable |
Caliber Public Schools | CA | BBB- | Stable |
Campus Community School | DE | BBB- | Stable |
Candeo Schools, Inc. | AZ | BBB- | Stable |
Carolina International School | NC | BB+ | Stable |
Castle Rock Lifelong Learning Ctr. | CO | BBB | Stable |
Center for Academic Success | AZ | BBB | Stable |
Cesar Chavez Academy | MI | BB+ | Stable |
Channing Hall Charter School | UT | BB | Stable |
Chester Charter Scholars Academy Charter School | PA | BB+ | Stable |
Chicago Charter School Foundation | IL | BBB | Stable |
Choice Academies | AZ | BB | Stable |
Citizens of the World Charter School - Los Angeles | CA | BB- | Stable |
Classical Academy Charter School | CO | BBB | Stable |
Classical Academy, Inc. | CA | BBB- | Stable |
Collegium Charter School | PA | BB | Stable |
Cologne Academy | MN | BB+ | Stable |
Community of Peace Charter School | MN | BBB- | Stable |
Compass Academy Charter School Inc. | TX | BBB- | Stable |
Compass Public Charter School | ID | BB | Stable |
Conner Creek Academy | MI | B | Stable |
Coral Academy of Science-Las Vegas | NV | BBB- | Stable |
Creative Montessori Academy | MI | BBB- | Stable |
DaVinci Academy of Science & The Arts | UT | BBB- | Stable |
Dayspring Academy for Education and Arts | FL | BB | Stable |
DCS Montessori Charter School | CO | BBB- | Stable |
Discovery Charter School | PA | BB+ | Stable |
Discovery Charter School | IN | BB- | Stable |
District of Columbia International School | DC | BBB | Stable |
Dr. Joseph F. Pollack Academic Center of Excellence | MI | BB | Stable |
Duluth Edison Charter Schools (Tischer Creek Duluth Building Co.) | MN | BB+ | Stable |
Eagle Advantage Schools | TX | BB+ | Stable |
Eagle Ridge Academy | CO | BBB- | Stable |
Early Light Academy | UT | BB | Stable |
Edkey Inc. | AZ | BB- | Stable |
Educational Properties TCGIS LLC | MN | BB | Stable |
Equitas Academy | CA | BB+ | Stable |
Evergreen Charter School | NY | BB | Stable |
Evolution Academy Charter School | TX | B+ | Stable |
Excel Academy Charter School | CO | BBB- | Stable |
Explore Knowledge Foundation | NV | BB+ | Stable |
Fenton Charter Public Schools | CA | BB+ | Stable |
First Philadelphia Preparatory Charter School | PA | BB+ | Stable |
First State Montessori | DE | BBB- | Stable |
Foundation Academy Charter School | NJ | BBB- | Stable |
Founders Classical Academy | NV | BB- | Stable |
Foxborough Regional Charter School | MA | BBB- | Stable |
Freedom Academy | AZ | BB+ | Stable |
Frontier Academy | CO | BBB- | Stable |
George Washington Academy | UT | BBB- | Stable |
Global Academy ABC | MN | BB | Stable |
Global Concepts Charter School | NY | BBB+ | Stable |
Global Leadership Academy Charter School | PA | BB- | Stable |
Grand Traverse Academy | MI | BB | Stable |
Green Dot Public Schools | CA | BBB- | Stable |
Green Dot Public Schools | CA | BBB- | Stable |
Grimmway Schools | CA | BB+ | Stable |
Hawthorn Academy | UT | BBB | Stable |
Hennepin Schools Building Co. | MN | BB- | Stable |
High School for Recording Arts | MN | B | Stable |
Higher Ground Academy | MN | BB+ | Stable |
Hmong American Peace Academy | WI | BBB | Stable |
Hmong Education Reform Company | MN | BB+ | Negative |
Horizon Community Learning Center | AZ | BB+ | Stable |
Hughen Center Inc. | TX | BBB- | Stable |
Idaho Arts Charter School | ID | BBB- | Stable |
IDEA Public Schools | TX | A- | Negative |
Idea Public Schools | TX | A- | Negative |
Independence Academy | CO | BBB- | Stable |
Itineris Early College High School | UT | BB | Stable |
James Irwin Charter Academy | CO | BBB | Stable |
John Adams Academies | CA | BB | Stable |
John Adams Academies | CA | BB | Stable |
Julian Charter School | CA | B+ | Stable |
Kaleidoscope Charter School | MN | BB- | Stable |
King Chavez Academies | CA | BB+ | Stable |
KIPP Albany | NY | BBB- | Stable |
KIPP DC | DC | BBB+ | Stable |
KIPP North Star Academy | MN | BB- | Stable |
KIPP Northern California Schools | CA | BBB | Stable |
KIPP NYC - Gerard | NY | BBB- | Stable |
KIPP NYC - Jerome | NY | BBB- | Stable |
KIPP NYC - Macombs | NY | BBB- | Stable |
KIPP Philadelphia | PA | BB+ | Stable |
KIPP Texas | TX | BBB+ | Stable |
Lake Norman Charter School | NC | BBB- | Stable |
Lakes International Language Academy | MN | BB+ | Stable |
Lakeview Academy | UT | BBB- | Stable |
Landmark Academy | MI | BB | Stable |
LEAP Academy University Charter School | NJ | BB- | Stable |
Learning Choice Academy | CA | BBB- | Stable |
Life School of Dallas | TX | BBB- | Stable |
Lifeline Education Charter School | CA | BB+ | Stable |
Lincoln Academy | CO | BBB- | Stable |
Literacy First Charter School | CA | BBB- | Stable |
Little Scholars of Arkansas (LISA) Academy | AR | BB+ | Stable |
Mater Academy | FL | BBB | Stable |
Mater Academy of Nevada | NV | BB | Positive |
Memphis Rise Academy | TN | BBB- | Stable |
Michigan Mathematics and Science Academy | MI | BB+ | Stable |
Mountain Island Charter School Inc. | NC | BBB- | Stable |
Mountainville Academy | UT | BBB- | Stable |
Navigator Pointe Academy | UT | BBB- | Stable |
Newark Charter School Inc. | DE | BBB+ | Stable |
Noah Webster Academy | UT | BBB- | Stable |
Noah Webster Basic Schools, Inc. | AZ | BB | Stable |
Noble Network of Charter Schools | IL | BBB | Stable |
North Star Academy | UT | BBB- | Stable |
North Star Academy Charter School of Newark - 18th St. Ave. LLC | NJ | BBB- | Stable |
North Star Academy Charter School of Newark - NSA 377 Washington St. LLC | NJ | BBB- | Stable |
Nova Academy | CA | BB | Stable |
Nova Classical Academy | MN | BB+ | Stable |
Oakland International Academy | MI | BBB- | Stable |
Odyssey Academy | TX | BB | Stable |
Odyssey Preparatory Academy | AZ | BB- | Positive |
Ogden Preparatory Academy | UT | BBB- | Stable |
Ogden Preparatory Academy | UT | BBB- | Stable |
Orenda Education | TX | BBB- | Stable |
Palm Beach School for Autism Inc. | FL | BB+ | Stable |
Palmetto Scholars Academy | SC | BB+ | Stable |
Paradise Schools | AZ | BB+ | Stable |
Paramount School of Excellence | IN | BB+ | Stable |
Paterson Charter School for Science and Technology | NJ | BB | Positive |
Peak to Peak Charter School - Prairie View | CO | BBB+ | Stable |
Pensar Academy | AZ | BB- | Stable |
Philadelphia Performing Arts Charter School | PA | BB+ | Stable |
Pine Lake Preparatory | NC | BBB- | Stable |
Pinecrest Academy, Inc. | FL | BBB | Stable |
Pinnacle Charter School | CO | BBB- | Stable |
Plymouth Educational Center Charter School | MI | D | N/A |
Prairie Seeds Academy | MN | BB- | Stable |
Propel Schools - Braddock Hills | PA | BB+ | Negative |
Quest Academy | UT | BBB- | Stable |
Renaissance Academy Charter School | PA | BBB- | Stable |
Responsive Education Foundation | TX | BBB | Positive |
Richfield Public School Academy | MI | BBB- | Stable |
River Charter Schools | CA | BB | Stable |
River Springs Charter Schools | CA | BB | Positive |
Riverhead Charter School | NY | BBB- | Stable |
Riverwalk Education Foundation Inc. | TX | BBB- | Stable |
Riverwalk Education Foundation Inc. | TX | BBB- | Stable |
Rocklin Academy | CA | BB+ | Stable |
Sage International School of Boise | ID | BB+ | Stable |
Saginaw Preparatory Academy | MI | B | Stable |
Santa Rosa Academy Inc. | CA | BB+ | Stable |
Sarasota School of Arts and Sciences | FL | BBB- | Stable |
School Lane Charter School | PA | BBB- | Stable |
Sculptor Charter School | FL | BBB- | Stable |
Ser-Ninos Charter School | TX | BBB- | Stable |
SkyView Academy | CO | BB | Stable |
Southwest Preparatory School | TX | BB+ | Stable |
Spectrum High School | MN | BB+ | Stable |
Springfield International Charter School | MA | BBB- | Stable |
St. Croix Preparatory Academy | MN | BB+ | Stable |
St. Paul Conservatory for Performing Artists | MN | BB | Stable |
Star International Academy | MI | BBB | Stable |
Summit Academy | UT | BBB- | Stable |
Summit Academy North | MI | BB | Stable |
Tacony Academy | PA | BB+ | Stable |
The Charter School for Applied Technologies | NY | BBB | Stable |
The Hughen Center | TX | BBB- | Stable |
The Palmdale Aerospace Academy | CA | BB | Stable |
Tipton Academy | MI | BB | Stable |
Triad Educational Services | NC | BBB- | Stable |
Trillium Academy | MI | BB | Stable |
Trinity Basin Preparatory | TX | BBB | Stable |
Trinity Basin Preparatory | TX | BBB | Stable |
Twin Cities Academy | MN | BB | Negative |
Universal Academy | MI | BBB- | Stable |
Universal Learning Academy | MI | BB+ | Stable |
Uplift Education Inc. | TX | BBB- | Stable |
Venture Academy | UT | BBB- | Stable |
Villa Montessori | AZ | BBB- | Stable |
Wasatch Peak Academy | UT | BB+ | Positive |
Wayside Schools | TX | BB | Stable |
Winfree Academy Charter Schools | TX | BB- | Stable |
Woodbury Leadership Academy | MN | BB- | Stable |
Xavier Public Charter School | ID | BBB | Stable |
Yinghua Academy | MN | BB+ | Stable |
Related Research
- Outlook For U.S. Charter Schools: Credit Profiles Hold Steady, Jan. 24, 2023
- Outlook For U.S. States: Rainy Day Funds Will Support Credit In A Shallow Recession, Jan. 5, 2023
- U.S. Charter Schools Rating Actions, Fourth-Quarter 2022, Jan. 20, 2023
- Economic Outlook U.S. Q1 2023: Tipping Toward Recession, Nov. 28, 2022
- Philadelphia Charter Schools: Unexecuted Charter Contracts Are A Unique Risk, Nov. 17, 2022
- Charter School Brief: New York, Nov. 17, 2022
- Charter School Brief: District of Columbia, Oct. 24, 2022
- Charter School Brief: Florida, Oct. 18, 2022
This report does not constitute a rating action.
Primary Credit Analysts: | Jessica L Wood, Chicago + 1 (312) 233 7004; jessica.wood@spglobal.com |
Avani K Parikh, New York + 1 (212) 438 1133; avani.parikh@spglobal.com | |
Secondary Contact: | Ryan Miller, Dallas +1 2148711408; ryan.miller@spglobal.com |
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