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Winfree Academy Charter Schools, TX, Series 2009 Education Revenue Bond Rating Lowered To 'BB+' May 11 Product Image

Winfree Academy Charter Schools, TX, Series 2009 Education Revenue Bond Rating Lowered To 'BB+' May 11

  • Published: May 2011
  • Standard & Poors

Abstract
DALLAS (Standard & Poor's) May 19, 2011--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, an expectation of very marginal operational profitability in budget 2011, a decline in operational liquidity in fiscal 2010, and enrollment volatility and a limited wait list," said Standard & Poor's credit analyst Kevin Holloran. School officials used the 2009 bond proceeds to purchase a campus, assume two loans related to other campuses, and make improvements to those campuses. Winfree Academy...

Companies mentioned in this report are: Winfree Academy Charter Schools,La Vernia Higher Ed Fin Corp.
Action: Downgraded
Action: Outlook: Stable

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Winfree Academy Charter Schools,La Vernia Higher Ed Fin Corp.

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