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Grand Traverse Academy, Michigan; Charter Schools Jan 12
Standard & Poors, January 2012
Standard & Poor's Rating Services lowered its long-term rating to 'BB+' from 'BBB-' on Grand Traverse Academy (GTA), Mich.'s series 2007 public school academy revenue and refunding bonds. The outlook is stable. The lower rating reflects our view of GTA's limited balance sheet resources and its growing dependence on state-aid anticipation notes to cover cash-flow needs. While general fund balances appear to have improved in fiscals 2011 and 2010 on positive operating results, the booking of sub-lease receivables from the academy's management company for the use of equipment and facilities that are later netted against the company's higher service fees inflate the academy's actual reserve position. Timing of state-aid note payments also causes days' cash on hand to be somewhat...
Companies mentioned in this report are: Grand Traverse Academy
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Grand Traverse Academy