Standard & Poor's Ratings Services has assigned its 'BBB-' long-term rating to Charter High School for Architecture & Design (CHAD), Pa.'s series 2013 charter school revenue bonds, issued for The Designing Futures Foundation by the Philadelphia Authority for Industrial Development. The outlook is stable. The 'BBB-' rating and stable outlook reflect our view of CHAD and the foundation's good operating performance, good pro forma maximum annual debt service (MADS) coverage, stable demand trends, and adequate liquidity as measured by unrestricted days' cash on hand. Credit factors precluding a higher rating at this time consist of weaknesses that we believe are specific to the school as well as those intrinsic to charter schools in general, including: Academic performance that has been...
Companies mentioned in this report are:
- Charter High Sch for Architecture & Design
- Philadelphia Auth for Indl Dev
Action: New Rating
Action: Outlook: Stable
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