Michigan Finance Authority Detroit Service Learning Academy; Charter Schools Nov 11

  • ID: 2024139
  • November 2011
  • Region: Michigan
  • Standard & Poors
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Standard & Poor's Ratings Services assigned its 'BBB-' long-term rating to Michigan Finance Authority's series 2011 public school academy limited obligation revenue and refunding bonds issued on behalf of Detroit Service Learning Academy (DSLA). The outlook is stable. The 'BBB-' rating reflects our view of the academy's: Above-average aggregate test scores compared to those of the state and local school district; Consistently positive operating results with ample debt service coverage of 1.4x to 1.6x before capital expenditures and no need for future enrollment growth to support the new debt; Moderate operating liquidity of about 47 days' cash on hand as of June 30, 2011; Manageable pro forma maximum annual debt service (MADS) burden relative to the rating category at just...

Companies mentioned in this report are:
- Detroit Service Learning Academy
- Michigan Fin Auth

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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- Detroit Service Learning Academy
- Michigan Fin Auth

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