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California Municipal Finance Authority American Heritage Education Foundation (Escondido Charter School); Charter Schools May 06
Standard & Poors, May 2006
Abstract
The 'BBB-' rating on California Municipal Finance Authority's education revenue bonds, issued for the American Heritage Education Foundation (AHEF) project, is based on the following credit factors: A joint and several gross revenue pledge of the two schools included in the loan agreement, Escondido Charter High School and Heritage K-8 Charter School; No need for additional students to generate sufficient revenues to make debt service payments as new debt payments will be comparable to the sum of old lease and debt service payments; A history of a solid financial position with adequate cash reserves; Steady enrollment trends with facilities consistently operating at their projected capacity and a good historical waiting list at both schools; Two successful charter renewals for Escondido...
Companies mentioned in this report are: American Heritage Ed Foundation,California Municipal Finance Authority
Action: New Rating
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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