Summary: Allegheny County Industrial Development Authority, Pennsylvania Propel Charter Schools -- McKeesport; Charter Schools Jul 10

Standard & Poors, July 2010

Abstract
Standard & Poor's Ratings Services assigned its 'BBB-' long-term rating to Allegheny County Industrial Development Authority, Pa.'s series B of 2010 charter school revenue bonds, issued on behalf of the School Facilities Development Inc. (SFD). The bonds are secured by lease payments from Propel Charter Schools -- McKeesport (Propel McKeesport) directly to a trustee. The outlook is stable. The rating reflects our opinion of the following risks: The inherent future risk associated with the possibility of non-renewal or revocation of the charter given that the final maturity of the bonds exceeds the time horizon of the existing charter; and Lack of practical independence between the respective board members that hold the charter for Propel McKeesport and other Propel Charter Schools...

Companies mentioned in this report are: Propel Charter Schs - Montour,Allegheny Cnty Indl Dev Auth,Propel Charter Schs - McKeesport
Action: New Rating
Action: Outlook: Stable

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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Propel Charter Schs - Montour,Allegheny Cnty Indl Dev Auth,Propel Charter Schs - McKeesport

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