Philadelphia Authority For Industrial Development Charter High School For Architecture & Design; Charter Schools Feb 13
Standard & Poors, February 2013
Abstract
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
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.
Research Type: Full Analysis
- Charter High Sch for Architecture & Design
- Philadelphia Auth for Indl Dev
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