Standard & Poor's Ratings Services assigned its 'BBB-' rating to Philadelphia Authority for Industrial Development, Pa.'s series 2011 revenue bonds, issued for the Mariana Bracetti Academy (MBA) Charter School. The outlook is stable. The rating reflects our view of: The risk that the charter may not be renewed, as with all charter schools; The school's test scores, which had been declining but improved in 2010; The school's planned use of reserves through 2016; and Relocation risk. The preceding credit factors are offset in part by our view of the school's: Days' cash on hand of 159 days in fiscal 2010, which we consider very good, and 136 days (unaudited) in fiscal 2011, which we consider good; Adequate debt service carrying...
Companies mentioned in this report are:
- Mariana Bracetti Academy Charter School
- Philadelphia Auth for Indl Dev
Action: New Rating
Action: Outlook: Stable
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