As of April 30, 2020, S&P Global Ratings had 286 public ratings on charter schools across the country. Approximately 52% of our ratings are either 'BBB-' (87, or 30%) or 'BB+' (63, or 22%, see chart 1), and currently, 85% of the ratings carry a stable outlook, while 43, or 15%, have negative outlooks. The list below reflects the number of obligated groups issuing rated debt, and not the number of schools or networks. All ratings are based on our "U.S. Public Finance Charter Schools: Methodology And Assumptions" criteria, published Jan. 3, 2017.
Chart 1
Table 1
U.S. Charter School Ratings As Of April 30, 2020 | ||||||||
---|---|---|---|---|---|---|---|---|
Entity | State | Rating | Outlook | |||||
Idea Public Schools |
Texas | A- | Stable | |||||
Peak to Peak Charter Sch - Prairie View Inc. |
Colorado | BBB+ | Stable | |||||
Newark Charter School, Inc. |
Delaware | BBB+ | Stable | |||||
KIPP DC |
District Of Columbia | BBB+ | Stable | |||||
Global Concepts Charter School |
New York | BBB+ | Stable | |||||
KIPP Texas, Inc. |
Texas | BBB+ | Stable | |||||
Center for Academic Success, Inc. |
Arizona | BBB | Stable | |||||
Alliance for College - Ready Public Schools - Series 2015, 2016, 2019 Obligated Group |
California | BBB | Stable | |||||
Alliance for College - Ready Public Schools - Gertz-Ressler Richard Merkin 6-12 Complex |
California | BBB | Negative | |||||
Aspire Public Schools |
California | BBB | Negative | |||||
KIPP SoCal Public Schools |
California | BBB | Stable | |||||
Kipp Bay Area Schools |
California | BBB | Stable | |||||
Castle Rock Lifelong Learning Center |
Colorado | BBB | Negative | |||||
Classical Academy Charter School |
Colorado | BBB | Stable | |||||
Flagstaff Academy |
Colorado | BBB | Negative | |||||
Independence Academy |
Colorado | BBB | Stable | |||||
James Irwin Charter Schools |
Colorado | BBB | Stable | |||||
Littleton Academy Charter School |
Colorado | BBB | Stable | |||||
District of Columbia International School |
District Of Columbia | BBB | Stable | |||||
Friendship Public Charter School, Inc. |
District Of Columbia | BBB | Stable | |||||
Bay Haven Charter Academy, Inc. |
Florida | BBB | Stable | |||||
Pinecrest Academy, Inc. |
Florida | BBB | Stable | |||||
Liberty Charter School, Nampa |
Idaho | BBB | Stable | |||||
Xavier Public Charter School |
Idaho | BBB | Stable | |||||
Chicago Charter School Foundation |
Illinois | BBB | Stable | |||||
Noble Network of Charter Schools |
Illinois | BBB | Stable | |||||
Star International Academy |
Michigan | BBB | Stable | |||||
KIPP TEAM Academy |
New Jersey | BBB | Stable | |||||
The Charter School for Applied Technologies |
New York | BBB | Stable | |||||
Harmony Public Schools |
Texas | BBB | Stable | |||||
Responsive Education Solutions |
Texas | BBB | Stable | |||||
Trinity Basin Preparatory |
Texas | BBB | Stable | |||||
American Leadership Academy |
Utah | BBB | Stable | |||||
Hawthorn Academy |
Utah | BBB | Stable | |||||
Navigator Pointe Academy |
Utah | BBB | Stable | |||||
Hmong American Peace Academy |
Wisconsin | BBB | Stable | |||||
Candeo Schools, Inc. |
Arizona | BBB- | Stable | |||||
GreatHearts Arizona |
Arizona | BBB- | Stable | |||||
Harvest Preparatory Academy |
Arizona | BBB- | Negative | |||||
Villa Montessori, Inc. |
Arizona | BBB- | Stable | |||||
American Heritage Education Foundation |
California | BBB- | Stable | |||||
Coastal Academy Charter School Inc. |
California | BBB- | Stable | |||||
Granada Hills Charter Obligated Group |
California | BBB- | Stable | |||||
Green Dot Public Schools |
California | BBB- | Stable | |||||
Literacy First Charter School |
California | BBB- | Stable | |||||
Ben Franklin Academy |
Colorado | BBB- | Stable | |||||
Cheyenne Mtn Charter Academy |
Colorado | BBB- | Negative | |||||
DCS Montessori Charter School |
Colorado | BBB- | Stable | |||||
Excel Academy Charter School |
Colorado | BBB- | Stable | |||||
Frontier Academy |
Colorado | BBB- | Stable | |||||
Liberty Common Charter School |
Colorado | BBB- | Stable | |||||
Lincoln Academy Charter School |
Colorado | BBB- | Stable | |||||
North Star Academy |
Colorado | BBB- | Stable | |||||
Pinnacle Charter School |
Colorado | BBB- | Stable | |||||
Platte River Acad Charter School |
Colorado | BBB- | Stable | |||||
University Laboratory School |
Colorado | BBB- | Stable | |||||
Campus Community School |
Delaware | BBB- | Stable | |||||
Delaware Military Academy |
Delaware | BBB- | Negative | |||||
First State Montessori Academy Charter School |
Delaware | BBB- | Stable | |||||
Choices in Learning Elementary Charter School |
Florida | BBB- | Stable | |||||
Cornerstone Schools |
Florida | BBB- | Stable | |||||
Doral Academy Inc. |
Florida | BBB- | Stable | |||||
Sarasota School of Arts & Sciences |
Florida | BBB- | Stable | |||||
Sculptor Charter School |
Florida | BBB- | Stable | |||||
Idaho Arts Charter School |
Idaho | BBB- | Stable | |||||
Victory Charter School |
Idaho | BBB- | Stable | |||||
Foxborough Regl Charter School |
Massachusetts | BBB- | Stable | |||||
Sabis International Charter School |
Massachusetts | BBB- | Stable | |||||
Chandler Park Academy |
Michigan | BBB- | Stable | |||||
Creative Montessori Academy |
Michigan | BBB- | Negative | |||||
Oakland International Academy |
Michigan | BBB- | Stable | |||||
Richfield Public School Academy |
Michigan | BBB- | Stable | |||||
Community of Peace Academy |
Minnesota | BBB- | Stable | |||||
Higher Ground Academy |
Minnesota | BBB- | Negative | |||||
Math & Science Academy Building Company |
Minnesota | BBB- | Stable | |||||
Nova Classical Academy |
Minnesota | BBB- | Stable | |||||
PACT Charter School |
Minnesota | BBB- | Stable | |||||
Coral Academy of Science-Las Vegas |
Nevada | BBB- | Stable | |||||
Explore Knowledge Foundation |
Nevada | BBB- | Stable | |||||
Foundation Academy Charter School |
New Jersey | BBB- | Stable | |||||
North Star Academy Charter School of Newark |
New Jersey | BBB- | Stable | |||||
Bronx Charter Sch for Excellence |
New York | BBB- | Stable | |||||
Riverhead Charter School |
New York | BBB- | Stable | |||||
Lake Norman Charter School |
North Carolina | BBB- | Stable | |||||
Mountain Island Charter School, Inc. |
North Carolina | BBB- | Stable | |||||
Avon Grove Charter School |
Pennsylvania | BBB- | Stable | |||||
MaST Community Charter School |
Pennsylvania | BBB- | Stable | |||||
Propel Charter Schools - East |
Pennsylvania | BBB- | Negative | |||||
Propel Charter Schools - McKeesport |
Pennsylvania | BBB- | Negative | |||||
Propel Charter Schools - Montour |
Pennsylvania | BBB- | Negative | |||||
Renaissance Academy Charter School |
Pennsylvania | BBB- | Stable | |||||
School Lane Charter School |
Pennsylvania | BBB- | Stable | |||||
KIPP Nashville |
Tennessee | BBB- | Stable | |||||
A+ Charter School Inc |
Texas | BBB- | Stable | |||||
Arlington Classics Academy |
Texas | BBB- | Stable | |||||
Braination, Inc. |
Texas | BBB- | Stable | |||||
Eagle Advantage Schools, Inc. |
Texas | BBB- | Negative | |||||
Golden Rule School, Inc. |
Texas | BBB- | Stable | |||||
Life School of Dallas |
Texas | BBB- | Stable | |||||
Orenda Education |
Texas | BBB- | Stable | |||||
Riverwalk Education Foundation Inc |
Texas | BBB- | Negative | |||||
Ser-Ninos, Inc. |
Texas | BBB- | Stable | |||||
Uplift Education |
Texas | BBB- | Stable | |||||
DaVinci Academy of Science & the Arts |
Utah | BBB- | Stable | |||||
George Washington Academy |
Utah | BBB- | Stable | |||||
Karl G. Maeser Preparatory Academy |
Utah | BBB- | Stable | |||||
Lakeview Academy |
Utah | BBB- | Stable | |||||
Legacy Preparatory Academy |
Utah | BBB- | Stable | |||||
Lincoln Academy |
Utah | BBB- | Stable | |||||
Monticello Academy |
Utah | BBB- | Stable | |||||
Mountainville Academy |
Utah | BBB- | Stable | |||||
Noah Webster Academy |
Utah | BBB- | Stable | |||||
North Davis Preparatory Academy |
Utah | BBB- | Negative | |||||
North Star Academy |
Utah | BBB- | Stable | |||||
Ogden Preparatory Academy |
Utah | BBB- | Stable | |||||
Providence Hall |
Utah | BBB- | Stable | |||||
Quest Academy |
Utah | BBB- | Stable | |||||
Summit Academy |
Utah | BBB- | Stable | |||||
Syracuse Arts Academy |
Utah | BBB- | Stable | |||||
Utah Charter Academies, Inc. |
Utah | BBB- | Stable | |||||
Venture Academy |
Utah | BBB- | Stable | |||||
Vista at Entrada Charter School |
Utah | BBB- | Stable | |||||
Milwaukee Academy of Science |
Wisconsin | BBB- | Stable | |||||
American Charter Schools Foundation |
Arizona | BB+ | Stable | |||||
Arizona Agribusiness & Equine Center Inc. |
Arizona | BB+ | Negative | |||||
Arizona School for the Arts |
Arizona | BB+ | Stable | |||||
Eagle South Mountain Property |
Arizona | BB+ | Stable | |||||
Freedom Academy |
Arizona | BB+ | Stable | |||||
Horizon Community Learning Center |
Arizona | BB+ | Negative | |||||
Paradise Education Center |
Arizona | BB+ | Stable | |||||
Caliber Public Schools |
California | BB+ | Stable | |||||
Classical Academy, Inc. |
California | BB+ | Stable | |||||
Fenton Charter Public Schools |
California | BB+ | Stable | |||||
Grimmway Schools |
California | BB+ | Stable | |||||
King Chavez Academies |
California | BB+ | Stable | |||||
New Designs Charter School |
California | BB+ | Stable | |||||
Rocklin Academy |
California | BB+ | Stable | |||||
Santa Rosa Academy Inc. |
California | BB+ | Stable | |||||
Value Schools |
California | BB+ | Stable | |||||
Vista Charter Middle School |
California | BB+ | Stable | |||||
Community Leadership Academy |
Colorado | BB+ | Stable | |||||
Eagle Ridge Academy Inc. |
Colorado | BB+ | Stable | |||||
Littleton Preparatory Charter Sch |
Colorado | BB+ | Stable | |||||
Monument Academy |
Colorado | BB+ | Negative | |||||
Twin Peaks Charter Academy |
Colorado | BB+ | Negative | |||||
Acero Charter School Inc. |
Illinois | BB+ | Stable | |||||
Cesar Chavez Academy |
Michigan | BB+ | Stable | |||||
Holly Academy |
Michigan | BB+ | Stable | |||||
Universal Academy |
Michigan | BB+ | Stable | |||||
Universal Learning Academy |
Michigan | BB+ | Stable | |||||
Cologne Academy |
Minnesota | BB+ | Stable | |||||
Eagle Ridge Academy |
Minnesota | BB+ | Stable | |||||
Educational Properties TCGIS, LLC |
Minnesota | BB+ | Negative | |||||
Hmong Education Reform Company |
Minnesota | BB+ | Stable | |||||
Lakes International Language Academy |
Minnesota | BB+ | Stable | |||||
Noble Academy |
Minnesota | BB+ | Stable | |||||
Spectrum High School |
Minnesota | BB+ | Negative | |||||
St Croix Preparatory Academy |
Minnesota | BB+ | Stable | |||||
St. Paul Conservatory for Performing Arts |
Minnesota | BB+ | Negative | |||||
Duluth Edison Charter Schools (Tischer Creek Duluth Building Co.) |
Minnesota | BB+ | Stable | |||||
Yinghua Building Corporation |
Minnesota | BB+ | Stable | |||||
Allen Village School |
Missouri | BB+ | Stable | |||||
Scuola Vita Nuova Charter School |
Missouri | BB+ | Stable | |||||
Doral Academy of Nevada - Fire Mesa & Red Rock Campus Series 2019A |
Nevada | BB+ | Stable | |||||
Doral Academy of Nevada - Saddle & Cactus Series 2017 |
Nevada | BB+ | Stable | |||||
Pinecrest Academy of Nevada |
Nevada | BB+ | Negative | |||||
South Bronx Charter School for International Cultures & the Arts |
New York | BB+ | Stable | |||||
Tapestry Charter School |
New York | BB+ | Stable | |||||
Pine Lake Preparatory |
North Carolina | BB+ | Stable | |||||
Chester Charter Scholars Academy Charter School |
Pennsylvania | BB+ | Stable | |||||
Discovery Charter Sch |
Pennsylvania | BB+ | Negative | |||||
First Philadelphia Preparatory Charter School |
Pennsylvania | BB+ | Stable | |||||
KIPP Philadelphia Charter School |
Pennsylvania | BB+ | Stable | |||||
Propel Schools - Braddock Hills |
Pennsylvania | BB+ | Negative | |||||
Tacony Academy Charter School |
Pennsylvania | BB+ | Stable | |||||
Blackstone Valley Prep Academy |
Rhode Island | BB+ | Stable | |||||
Palmetto Scholars Academy |
South Carolina | BB+ | Stable | |||||
Cityscape Schools Inc. |
Texas | BB+ | Stable | |||||
Compass Academy Charter School Inc. |
Texas | BB+ | Stable | |||||
Faith Family Charter School |
Texas | BB+ | Stable | |||||
Meridian World School |
Texas | BB+ | Stable | |||||
New Frontiers Public Schools |
Texas | BB+ | Negative | |||||
Wayside Schools |
Texas | BB+ | Stable | |||||
Entheos Acad |
Utah | BB+ | Stable | |||||
Spectrum Academy |
Utah | BB+ | Stable | |||||
Wasatch Peak Academy |
Utah | BB+ | Stable | |||||
Academies of Math and Science |
Arizona | BB | Stable | |||||
Arizona Autism Charter School |
Arizona | BB | Stable | |||||
BASIS Schools Inc. |
Arizona | BB | Stable | |||||
Choice Academies, Inc. |
Arizona | BB | Stable | |||||
Kaizen Education Foundation |
Arizona | BB | Negative | |||||
Noah Webster Basic Schools, Inc. |
Arizona | BB | Stable | |||||
Albert Einstein Academies |
California | BB | Stable | |||||
ICEF View Park Preparatory Accelerated Charter High School |
California | BB | Stable | |||||
ICEF View Park Preparatory Accelerated Charter Middle and Elementary School |
California | BB | Stable | |||||
John Adams Academies Inc. |
California | BB | Negative | |||||
MPM Sherman Way LLC |
California | BB | Stable | |||||
Nova Academy |
California | BB | Stable | |||||
PUC Schools |
California | BB | Stable | |||||
Palmdale Aerospace Academy (The) |
California | BB | NM | |||||
River Charter Schools |
California | BB | Stable | |||||
River Springs Charter School |
California | BB | Stable | |||||
Aspen Ridge Preparatory School |
Colorado | BB | Stable | |||||
Loveland Classical Schools |
Colorado | BB | Stable | |||||
SkyView Academy |
Colorado | BB | Stable | |||||
ASPIRA of Delaware Charter Operations, Inc. |
Delaware | BB | Negative | |||||
Terrace Community Middle School |
Florida | BB | Stable | |||||
Compass Public Charter School |
Idaho | BB | Stable | |||||
Avondale Meadows Academy |
Indiana | BB | Negative | |||||
Advanced Tech Academy |
Michigan | BB | Stable | |||||
Dr. Joseph F. Pollack Academic Center of Excellence |
Michigan | BB | Stable | |||||
Flint International Academy |
Michigan | BB | Negative | |||||
Grand Traverse Academy |
Michigan | BB | Stable | |||||
Hanley International Academy |
Michigan | BB | Stable | |||||
Landmark Academy |
Michigan | BB | Stable | |||||
Renaissance Public School Academy |
Michigan | BB | Negative | |||||
Summit Academy North |
Michigan | BB | Stable | |||||
Trillium Academy |
Michigan | BB | Stable | |||||
Academia Cesar Chavez |
Minnesota | BB | Stable | |||||
Hope Community Academy |
Minnesota | BB | Stable | |||||
Parnassus Preparatory School |
Minnesota | BB | Stable | |||||
Twin Cities Academy |
Minnesota | BB | Stable | |||||
Brookside Charter School |
Missouri | BB | Stable | |||||
Mater Academy of Nevada |
Nevada | BB | Stable | |||||
Nevada Charter Academies, d/b/a American Preparatory Academy- Las Vegas |
Nevada | BB | Stable | |||||
Somerset Academy of Las Vegas - Series 2015 and 2018 Obligated Group |
Nevada | BB | Stable | |||||
Somerset Academy of Las Vegas - Series 2019 Lone Mountain |
Nevada | BB | Stable | |||||
Friends of Teaneck Community Charter School |
New Jersey | BB | Stable | |||||
Albuquerque School of Excellence |
New Mexico | BB | Stable | |||||
Albany Leadership Charter High School For Girls |
New York | BB | Stable | |||||
Charter School of Educational Excellence |
New York | BB | Stable | |||||
Collegium Charter School |
Pennsylvania | BB | Stable | |||||
Green Woods Charter School |
Pennsylvania | BB | Stable | |||||
Mariana Bracetti Academy Charter School |
Pennsylvania | BB | Stable | |||||
Philadelphia Performing Arts Charter School |
Pennsylvania | BB | Stable | |||||
West Philadelphia Achievement Charter Elementary School |
Pennsylvania | BB | Stable | |||||
Jubilee Academic Center, Inc. |
Texas | BB | Stable | |||||
Leadership Preparatory School |
Texas | BB | Stable | |||||
Nova Academy |
Texas | BB | Stable | |||||
NYOS Charter Sch, Inc. |
Texas | BB | Stable | |||||
Odyssey Academy, Inc. |
Texas | BB | Stable | |||||
Village Tech Schools |
Texas | BB | Stable | |||||
Channing Hall Charter School |
Utah | BB | Stable | |||||
Early Light Academy |
Utah | BB | Stable | |||||
Itineris Early College High School |
Utah | BB | Stable | |||||
Paradigm High School |
Utah | BB | Stable | |||||
Ronald Wilson Reagan Academy |
Utah | BB | Stable | |||||
Salt Lake Arts Academy |
Utah | BB | Stable | |||||
Career Success Schools |
Arizona | BB- | Stable | |||||
Edkey Inc. |
Arizona | BB- | Stable | |||||
Odyssey Preparatory Academy |
Arizona | BB- | Stable | |||||
Urban Discovery Academy |
California | BB- | Stable | |||||
Collegiate Academy Charter School |
Colorado | BB- | Stable | |||||
Lee County Charter Schools |
Florida | BB- | Stable | |||||
Discovery Charter School |
Indiana | BB- | Stable | |||||
Crossroads Charter Academy |
Michigan | BB- | Negative | |||||
New Branches Charter Academy |
Michigan | BB- | Stable | |||||
Old Redford Academy |
Michigan | BB- | Negative | |||||
KIPP North Star Academy |
Minnesota | BB- | Stable | |||||
Kaleidoscope Charter School |
Minnesota | BB- | Stable | |||||
Prairie Seeds Academy |
Minnesota | BB- | Negative | |||||
LEAP Academy University Charter School |
New Jersey | BB- | Stable | |||||
Paterson Charter School for Science & Technology |
New Jersey | BB- | Stable | |||||
Global Leadership Academy Charter School |
Pennsylvania | BB- | Stable | |||||
A.W. Brown Fellowship Charter School |
Texas | BB- | Stable | |||||
School of Excellence in Education |
Texas | BB- | Stable | |||||
Texas Leadership Charter Academy |
Texas | BB- | Stable | |||||
Winfree Academy Charter Schools |
Texas | BB- | Stable | |||||
Julian Charter School |
California | B+ | Stable | |||||
Rocky Mountain Academy of Evergreen |
Colorado | B+ | Stable | |||||
21st Century Charter School |
Indiana | B+ | Stable | |||||
Summit Academy |
Michigan | B+ | Negative | |||||
Universal Academy (LTTS Charter School, Inc.) |
Texas | B+ | Stable | |||||
Pointe Educational Services |
Arizona | B | Negative | |||||
Thea Bowman Leadership Academy |
Indiana | B | Stable | |||||
Conner Creek Academy East |
Michigan | B | Stable | |||||
Detroit Service Learning Academy |
Michigan | B | Stable | |||||
Saginaw Preparatory Academy |
Michigan | B | NM | |||||
High School for Recording Arts |
Minnesota | B | Stable | |||||
Evolution Academy Charter School |
Texas | B | Stable | |||||
Cesar Chavez Public Charter School |
District Of Columbia | B- | Negative | |||||
Detroit Community Schools |
Michigan | B- | Negative | |||||
Voyageur Academy |
Michigan | B- | Stable | |||||
New Millenium Academy |
Minnesota | B- | Stable | |||||
Children of Promise Preparatory Academy |
California | CCC+ | Negative | |||||
Plymouth Educational Center Charter School |
Michigan | D | NM | |||||
NM--Not meaningful. |
Related Research
- All U.S. Public Finance Sector Outlooks Are Now Negative, April 1, 2020
- Charter Schools 2020 Sector Outlook: Clear Skies For Now, But Political Uncertainties Cloud The Horizon, Jan. 8, 2020
- U.S. Charter Schools Rating Actions, First-Quarter 2020, April 16, 2020
- An Already Historic U.S. Downturn Now Looks Even Worse, April 16, 2020
- Outlook Revised To Stable From Positive On Certain Charter School Ratings On Deep Economic Contraction, April 22, 2020
This report does not constitute a rating action.
Primary Credit Analysts: | Jessica L Wood, Chicago + 1 (312) 233 7004; jessica.wood@spglobal.com |
Peter V Murphy, New York (1) 212-438-2065; peter.murphy@spglobal.com | |
Secondary Contacts: | Avani K Parikh, New York (1) 212-438-1133; avani.parikh@spglobal.com |
Beatriz Peguero, New York (1) 212-438-2164; beatriz.peguero@spglobal.com | |
Shivani Singh, New York (1) 212-438-3120; shivani.singh@spglobal.com | |
Research Assistant: | Mikayla Mahan, Centennial |
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