- Language: English
- Published: July 2009
- Region: United Kingdom
La Vernia Higher Education Finance Corp., Texas Winfree Academy Charter Schools; Charter Schools May 11
- Published: May 2011
- Region: Texas
- Standard & Poors
Standard & Poor's Ratings Services lowered its long-term rating to 'BB+' from 'BBB-' on La Vernia Higher Education Finance Corp., Texas' $8.24 million series 2009 education revenue bonds, issued on behalf of Winfree Academy Charter Schools. The outlook is stable. The rating action reflects our view of: Significant worsening of operations in fiscal 2010, mostly due to a change in state funding as the result of a reporting system change that went back several years, but also to reduced enrollment at the academy, which resulted in sub-1x debt service coverage levels and which could still result in a technical coverage covenant violation; An expectation of very marginal operational profitability in budget 2011, resulting in coverage of slightly more than 1x;...
Companies mentioned in this report are: Winfree Academy Charter Schools,La Vernia Higher Ed Fin Corp.
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Research Type: Full Analysis
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Winfree Academy Charter Schools,La Vernia Higher Ed Fin Corp.