Texas Public Finance Authority Charter School Finance Corporation Evolution Academy Charter School; Charter Schools Sep 11
- ID: 2031321
- September 2011
- Region: Texas
- Standard & Poors
Standard & Poor's Ratings Services lowered its rating to 'BB+' from 'BBB-' on Texas Public Finance Authority Charter School Finance Corporation's series 2010A and 2010B education revenue bonds and series 2010Q taxable education revenue bonds (qualified school construction bonds, or QSCBs -- direct pay), all issued for Evolution Academy Charter School. Bond proceeds were exhausted before the buildout of the new campus was completed, thus necessitating the use of internal resources to complete the buildout, resulting in significantly weakened balance sheet metrics. The outlook is stable. The rating reflects our view of the credit risks associated with Evolution Academy: Weak maximum annual debt service (MADS) coverage of 0.8x as of fiscal 2010, with further deterioration expected based on unaudited fiscal...
Companies mentioned in this report are: Evolution Academy Charter School,Texas Pub Fin Auth Charter Sch Fin Corp
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