In 2020, S&P Global Ratings' rated universe of charter schools experienced more downgrades than upgrades, reflecting the inherent risks of the sector as well as liquidity and enrollment pressures that were magnified by the COVID-19 pandemic (chart 1). However, the number of downgrades in 2020 (17) was below highs in 2014 (37) and 2017 (37; chart 2), reflecting the growth and maturity of the sector in recent years.
Chart 1
Chart 2
As explained in our 2021 sector overview, "Outlook For Charter Schools: State Revenue Weakness May Test Credit Quality," published Jan. 7, 2021, on RatingsDirect, charter schools have become increasingly competitive options for parents since their inception in the early 1990s. Although charter schools often lack access to the same level of funding as their traditional public school counterparts, charter schools' access to capital continues to expand. With broadening financing options, charter school issuance has mostly increased year over year since 2011. This remained true in 2020, when we assigned 23 new public ratings, compared with 17 in 2019 (table 5).
With pandemic-induced revenue pressures at the state and local level trickling down to all K-12 schools in the near term, we expect the divide between the credit quality of higher-rated charter schools and lower-rated charter schools will deepen. Continued federal support will be important, as outlined in our recent commentary, "What The Latest COVID-19 Economic Relief Bill Means For U.S. Public K-12 Schools," Jan. 21, 2021.
Table 1
Charter Schools Ratings Lowered | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Institution | State | Rating to | Rating from | Outlook to | Outlook from | Description | ||||||||
A. W. Brown Fellowship Charter School | TX | BB- | BB | Stable | Stable | Sharp enrollment declines, weakened liquidity position, and continued operating deficits | ||||||||
Alliance Gertz Ressler Richard Merkin 6-12 Complex | CA | BBB- | BBB | Stable | Negative | Three consecutive years of full-accrual deficits; decreased liquidity following $3.5 million in drawdowns | ||||||||
ASPIRA of Delaware Charter Operations, Inc. | DE | BB | BB+ | Negative | Negative | Decline in days' cash on hand to a level below the school's required covenant, along with substantially weakened pro forma lease-adjusted MADS coverage | ||||||||
Children of Promise Preparatory Academy | CA | CC | BB+ | Negative | Stable | In first quarter, downgraded to CCC+ and outlook revised to negative due to imminent school closure following non-renewal of charter. In third quarter, downgraded to CC and is considered default likely because school ceased operations on June 30, 2020 but paid trustee the July 1, 2020, payment on time and in full | ||||||||
Educational Properties TCGIS LLC | MN | BB | BB+ | Stable | Negative | Two consecutive years of declining days cash on hand; softening MADS coverage; high debt burden | ||||||||
Explore Knowledge Foundation | NV | BB+ | BBB- | Negative | Stable | Weakening financial performance, which may be exacerbated by COVID-19-induced state funding holdbacks in fiscal 2020 and potentially further cuts in fiscal 2021 | ||||||||
Independence Academy | CO | BBB- | BBB | Stable | Stable | Elevated debt burden and decreased pro-forma MADS following the school's 2020 debt issuance | ||||||||
New Frontiers Public Schools | TX | BB | BB+ | Negative | Negative | Continued enrollment declines; softening financial performance; declining days cash on hand; weakening MADS coverage | ||||||||
Noble Academy | MN | BB | BB+ | Negative | Stable | Expansion into new facilities resulting in enrollment missing projections; weakening MADS coverage and subsequent covenant breach | ||||||||
Nova Classical Academy | MN | BB+ | BBB- | Stable | Stable | Softening operating margins; MADS coverage of less than 1x; weakened days cash on hand | ||||||||
Pointe Schools | AZ | B | B+ | Negative | Negative | Continued enrollment declines and weakening financial metrics | ||||||||
Propel Charter Schools - Montour | PA | BB+ | BBB- | Negative | Negative | Variable operating trends with operating deficit expected for fiscal 2021; MADS coverage below 1x | ||||||||
School of Excellence in Education | TX | B- | BB- | Stable | Stable | Significant enrollment declines; consistently negative operating performance; DSC below 1x; weakening days cash on hand | ||||||||
Spectrum High School | MN | BB+ | BBB- | Negative | Negative | Weakening financial performance | ||||||||
St. Paul Conservatory for Performing Arts | MN | BB | BB+ | Stable | Negative | Continued enrollment decline and negative full accrual financial operations could lead to additional weakening of school's market position | ||||||||
Twin Peaks Charter Academy | CO | BB | BB+ | Stable | Negative | Weakening demand profile and financial performance could pressure weakened MADS coverage and high burden | ||||||||
Wayside Schools | TX | BB | BB+ | Stable | Stable | Trend of enrollment declines; significant operating deficit in fiscal 2019; weak liquidity; high debt burden | ||||||||
MADS--Maximum annual debt service. |
Table 2
Charter Schools Ratings Raised | |||||
---|---|---|---|---|---|
Institution | State | Rating to | Rating from | Outlook | Description |
Landmark Academy | MI | BB | BB- | Stable | Improved enrollment, liquidity position, and lease-adjusted MADS coverage |
New Millennium Academy | MN | B | B- | Stable | Four-year charter renewal alleviates prior risk of charter nonrenewal |
Philadelphia Performing Arts Charter School | PA | BB+ | BB | Stable | Track record of operating surpluses; sustained improvement of MADS coverage; growth in days cash on hand |
Voyageur Academy | MI | B | B- | Stable | Improved financial performance and liquidity growth |
Table 3
Charter Schools Ratings Initially Assigned | |||
---|---|---|---|
Institution | State | Rating | Outlook |
Alma del Mar Charter School | MA | BB | Stable |
Arizona Autism Charter School | AZ | BB | Stable |
Berean Academy | AZ | BB | Stable |
Brookside Charter School | MO | BB | Stable |
Dayspring Academy for Education and Arts | FL | BB | Stable |
Equitas Academy Charter School | CA | BB+ | Stable |
Fenton Charter Public Schools | CA | BB+ | Stable |
Founders Academy of Las Vegas | NV | BB- | Stable |
Hmong American Peace Academy | WI | BBB | Stable |
KIPP Albany | NY | BBB- | Stable |
KIPP North Star Academy | MN | BB- | Stable |
Latin American Montessori Bilingual Public Charter School | DC | BB+ | Stable |
Legacy Traditional Schools | AZ | BB+ | Stable |
Lifeline Education Charter School | CA | BB+ | Stable |
Mater Academy Inc. | FL | BBB | Stable |
NYOS Charter School Inc. | TX | BB | Stable |
Pensar Academy Inc. | AZ | BB- | Stable |
Public Preparatory Charter Schools Acadmies | NY | BB+ | Stable |
Sage International School of Boise | ID | BB+ | Stable |
Scuola Vita Nuova Charter School | MO | BB+ | Stable |
Southwest Preparatory School | TX | BB+ | Stable |
The Hughen Center Inc. | TX | BBB- | Stable |
Trinity Basin Preparatory | TX | BBB | Stable |
Table 4
Charter Schools Outlook Revisions | |||||
---|---|---|---|---|---|
Institution | State | Rating | Outlook to | Outlook from | Description |
Blackstone Valley Prep | RI | BB+ | Negative | Stable | Softening operating margins and weak pro forma MADS coverage |
Cesar Chavez Public Charter School | DC | B- | Stable | Negative | Materially reduced debt position and healthy liquidity, providing some degree of flexibility at the current rating |
Chandler Park Academy | MI | BBB- | Negative | Stable | COVID-19, recessionary pressures, and per-pupil funding cuts could impact fiscal 2021 and beyond |
Cornerstone Schools | FL | BBB- | Stable | Positive | Upward rating movement deemed unlikely given the continued spread of COVID-19 and ensuing economic contraction |
Crossroads Charter Academy | MI | BB- | Negative | Stable | Continued enrollment declines, pressuring operations and leaving the school more vulnerable to COVID-19-related pressures |
Delaware Military Academy | DE | BBB- | Negative | Stable | Weakening financial operations causing a deterioriation in lease-adjusted MADS coverage |
Eagle Advantage Schools, Inc. | TX | BBB- | Negative | Stable | Weakening demand profile, leaving the school more vulnerable to COVID-19-related pressures |
Evolution Academy Charter School | TX | B | Stable | Positive | Upward rating movement deemed unlikely given the continued spread of COVID-19 and ensuing economic contraction |
Excel Acadmey Charter School | CO | BBB- | Stable | Positive | Upward rating movement deemed unlikely given the continued spread of COVID-19 and ensuing economic contraction |
Flagstaff Academy | CO | BBB | Negative | Stable | Weaker lease-adjusted MADS coverage due in part to rising pension expenses related to contributions |
Green Dot Public Schools | CA | BBB- | Stable | Positive | Upward rating movement deemed unlikely given the continued spread of COVID-19 and ensuing economic contraction |
Harvest Preparatory Academy | AZ | BBB- | Stable | Negative | Enrollment growth in fall 2020; improved operating performance since closure of Goodyear campus; strengthening liquidity position |
Hope Community Academy | MN | BB | Negative | Stable | Aggressive expansion plans, which could lead to a weakened financial profile if demand expectations are not met or if COVID-19-related pressures to state funding materialize |
John Adams Academies, Inc | CA | BB | Stable | Negative | Strong enrollment growth; improved operating performance with expectation of stronger results in fiscal 2021 |
Julian Charter School | CA | B+ | Stable | Negative | Improved enrollment and financial performance |
Legacy Preparatory Academy | UT | BBB- | Stable | Positive | Upward rating movement deemed unlikely given the continued spread of COVID-19 and ensuing economic contraction |
Palmdale Aerospace Academy | CA | BB | Negative | CreditWatch Negative | Elevated charter risk related to an ongoing investigation and significant management turnover |
Paterson Charter School for Science & Technology | NJ | BB- | Stable | Positive | Upward rating movement deemed unlikely given the continued spread of COVID-19 and ensuing economic contraction |
Pinecrest Academy of Nevada | NV | BB+ | Negative | Stable | Increased leveraged following the school's 2020 debt issuance |
Rocklin Academies | CA | BB+ | Stable | Positive | Expectation of weaker financial performance in fiscal 2020 |
Rocky Mountain Academy of Evergreen | CO | B+ | Stable | Positive | Upward rating movement deemed unlikely given the continued spread of COVID-19 and ensuing economic contraction |
Saginaw Preparatory Academy | MI | B | Negative | CreditWatch Negative | Removed from CreditWatch due to two-year charter renewal; still faces an elevated risk of charter revocation given school's shorter charter term |
Santa Rosa Academy, Inc. | CA | BB+ | Stable | Positive | Upward rating movement deemed unlikely given the continued spread of COVID-19 and ensuing economic contraction |
Somerset Academy of Las Vegas | NV | BB | Positive | Stable | Healthy enrollment growth; operating surplus with surplus expected in fiscal 2021; improved days cash on hand |
Somerset Academy of Las Vegas - Lone Mountain Campus | NV | BB | Positive | Stable | Steady enrollment growth; historically strong operating performance with surplus expected in fiscal 2021; strong MADS coverage |
Summit Academy | MI | B+ | Negative | Stable | Significant enrollment declines since fall 2016, as a result of demographic shifts in Wayne County |
Texas Leadership Charter Academy | TX | BB- | Stable | Positive | Upward rating movement deemed unlikely given the continued spread of COVID-19 and ensuing economic contraction |
Twin Cities Academy | MN | BB | Negative | Stable | Enrollment decline has weakened lease-adjusted MADS coverage in fiscal 2019 and likely fiscal 2020 |
Utah Charter Academies, Inc | UT | BBB- | Negative | Stable | Notice of concern issued by USBE; two consecutive years of weak MADS coverage; softened liquidity |
Victory Charter School | ID | BBB- | Stable | Positive | Upward rating movement deemed unlikely given the continued spread of COVID-19 and ensuing economic contraction |
Voyageur Academy | MI | B- | Stable | Positive | In first quarter, outlook revised to positive; in second quarter, upward rating movement deemed unlikely given the continued spread of COVID-19 and ensuing economic contraction; in fourth quarter, rating raised (see table two) |
Wasatch Peak Academy | UT | BB+ | Positive | Stable | In second quarter, revised outlook to stable due to upward rating movement deemed unlikely given the continued spread of COVID-19 and ensuing economic contraction. In fourth quarter, revised outlook to positive due to improved financial performance, lease adjusted maximum annual debt service coverage, and days' cash on hand through the audited fiscal year 2020 |
Table 5
Charter Schools Ratings Maintained | |||
---|---|---|---|
Institution | State | Rating | Outlook |
A+ Charter School Inc. | TX | BBB- | Stable |
Academies of Math and Science | AZ | BB | Stable |
Acero Charter School Inc. | IL | BB+ | Stable |
Advanced Technical Academy | MI | BB | Stable |
Albuquerque School of Excellence | NM | BB | Stable |
Alliance for College - Ready Public Schools | CA | BBB | Stable |
Arizona Agribusiness & Equine Center Inc. | AZ | BB+ | Negative |
Arizona School for the Arts | AZ | BB+ | Stable |
Aspen Ridge Preparatory School | CO | BB | Stable |
Aspire Public Schools | CA | BBB | Negative |
Braination Inc. | TX | BBB- | Stable |
Bronx Charter School for Excellence | NY | BBB- | Stable |
Campus Community School | DE | BBB- | Stable |
Carolina International School | NC | BB+ | Stable |
Castle Rock Lifelong Learning Center | CO | BBB | Negative |
Channing Hall Charter School | UT | BB | Stable |
Charter School of Educational Excellence | NY | BB | Stable |
Cheyenne Mountain Charter Academy | CO | BBB- | Negative |
Chicago Charter School Foundation | IL | BBB | Stable |
Classical Academy Charter School | CO | BBB | Stable |
Classical Academy Inc. | CA | BB+ | Stable |
Compass Public Charter School | ID | BB | Stable |
Conner Creek Academy East | MI | B | Stable |
Creative Montessori Academy | MI | BBB- | Negative |
Detroit Community Schools | MI | B- | Negative |
Discovery Charter School | IN | BB- | Stable |
Discovery Charter School | PA | BB+ | Negative |
District of Columbia International School | DC | BBB | Stable |
Doral Academy of Nevada | NV | BB+ | Stable |
Eagle Ridge Academy | MN | BB+ | Stable |
Early Light Academy | UT | BB | Stable |
Edkey Inc. | AZ | BB- | Stable |
Excel Academy Charter School | CO | BBB- | Stable |
Flint International Academy | MI | BB | Negative |
Foxborough Regional Charter School | MA | BBB- | Stable |
Friends of Teaneck Community Charter School | NJ | BB | Stable |
Frontier Academy | CO | BBB- | Stable |
George Washington Academy | UT | BBB- | Stable |
Global Leadership Academy Charter School | PA | BB- | Stable |
Grand Traverse Academy | MI | BB | Stable |
GreatHearts Arizona | AZ | BBB- | Stable |
Grimmway Schools | CA | BB+ | Stable |
Hanley International Academy | MI | BB | Stable |
Hawthorn Academy | UT | BBB | Stable |
Hmong Education Reform Company | MN | BB+ | Stable |
Hope Community Academy | MN | BB | Negative |
Horizon Community Learning Center | AZ | BB+ | Negative |
Idaho Arts Charter School | ID | BBB- | Stable |
Kaizen Education Foundation | AZ | BB | Negative |
Kaleidoscope Charter School | MN | BB- | Stable |
King Chavez Academies | CA | BB+ | Stable |
KIPP Nashville | TN | BBB- | Stable |
KIPP SoCal Public Schools | CA | BBB | Stable |
KIPP Texas Inc. | TX | BBB+ | Stable |
Lakes International Language Academy | MN | BB+ | Stable |
Lakeview Academy | UT | BBB- | Stable |
Leadership Prepartory School | TX | BB | Stable |
LEAP Academy University Charter School | NJ | BB- | Stable |
Lee County Charter Schools | FL | BB- | Stable |
Liberty Charter School Inc. | ID | BBB | Stable |
Liberty Common Charter School | CO | BBB- | Stable |
Life School of Dallas | TX | BBB- | Stable |
Littleton Academy Charter School | CO | BBB | Stable |
Littleton Preparatory Charter School | CO | BB+ | Stable |
LTTS Charter School Inc. dba University Academy | TX | B+ | Stable |
MaST Community Charter School | PA | BBB- | Stable |
Mater Academy of Nevada | NV | BB | Stable |
Math & Science Academy | MN | BBB- | Stable |
Meridian World School | TX | BB+ | Stable |
Milwaukee Academy of Science | WI | BBB- | Stable |
Mountain Island Charter School Inc. | NC | BBB- | Stable |
Mountainville Academy | UT | BBB- | Stable |
MPM Sherman Way LLC | CA | BB | Stable |
Navigator Pointe Academy | UT | BBB | Stable |
Nevada Charter Academis, d/b/a Amplus Academy | NV | BB | Stable |
Newark Charter School Inc. | DE | BBB+ | Stable |
Noah Webster Academy | UT | BBB- | Stable |
Noah Webster Basic Schools Inc. | AZ | BB | Stable |
Noble Network of Charter Schools | IL | BBB | Stable |
North Star Academy | CO | BBB- | Stable |
North Star Academy | UT | BBB- | Stable |
North Star Academy Charter School | NJ | BBB- | Stable |
Nova Academy | TX | BB | Stable |
Odyssey Academy Inc. | TX | BB | Stable |
Odyssey Preparatory Academy | AZ | BB- | Stable |
Old Redford Academy | MI | BB- | Negative |
PACT Charter School | MN | BBB- | Stable |
Paradigm High School | UT | BB | Stable |
Parnassus Preparatory School | MN | BB | Stable |
Partnerships to Uplift Communities | CA | BB | Stable |
Peak to Peak Charter School - Prairie View Inc. | CO | BBB+ | Stable |
Pine Lake Prepartory | NC | BB+ | Stable |
Pinecrest Academy of Nevada | NV | BB+ | Negative |
Pinecrest Academy Inc. | FL | BBB | Stable |
Platte River Academy Charter School | CO | BBB- | Stable |
Plymouth Educational Center Charter School | MI | D | NM |
Prairie Seeds Academy | MN | BB- | Negative |
Propel Charter Schools - East | PA | BBB- | Negative |
Propel Charter Schools - McKeesport | PA | BBB- | Negative |
Propel Schools - Braddock Hills | PA | BB+ | Negative |
PUC Schools | CA | BB | Stable |
Quest Academy | UT | BBB- | Stable |
Responsive Education Solutions | TX | BBB | Stable |
River Charter Schools | CA | BB | Stable |
River Springs Charter School | CA | BB | Stable |
Riverhead Charter School | NY | BBB- | Stable |
Ronald Wilson Reagan Academy | UT | BB | Stable |
Sabis International Charter School | MA | BBB- | Stable |
Saginaw Preparatory Academy | MI | B | CreditWatch Negative |
Santa Rosa Academy Inc. | CA | BB+ | Stable |
Sarasota School of Arts & Sciences | FL | BBB- | Stable |
Sculptor Charter School | FL | BBB- | Stable |
Ser-Ninos Inc. | TX | BBB- | Stable |
South Bronx Charter School for International Cultures & the Arts | NY | BB+ | Stable |
St Croix Preparatory Academy | MN | BB+ | Stable |
Star International Academy | MI | BBB | Stable |
Summit Academy | UT | BBB- | Stable |
Summit Academy North | MI | BB | Stable |
Syracuse Arts Academy | UT | BBB- | Stable |
Tacony Academy Charter School | PA | BB+ | Stable |
Tapestry Charter School | NY | BB+ | Stable |
Terrace Community Middle School | FL | BB | Stable |
Trillium Academy | MI | BB | Stable |
Trinity Basin Preparatory | TX | BBB | Stable |
Universal Learning Academy | MI | BB+ | Stable |
University Laboratory School | CO | BBB- | Stable |
Uplift Education | TX | BBB- | Stable |
Urban Discovery Academy | CA | BB- | Stable |
Value Schools | CA | BB+ | Stable |
Victory Charter School | ID | BBB- | Stable |
Village Tech Schools | TX | BB | Stable |
Winfree Academy Charter Schools | TX | BB- | Stable |
Xavier Public Charter School | ID | BBB | Stable |
Table 6
Charter Schools Ratings And Outlooks As Of Dec. 31, 2020 | |||
---|---|---|---|
Entity | State | Rating | Outlook |
Idea Public Schools | Texas | A- | Stable |
Peak to Peak Charter School - 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 | California | BBB | Stable |
Aspire Public Schools | California | BBB | Negative |
Kipp Bay Area Schools | California | BBB | Stable |
KIPP SoCal Public Schools | California | BBB | Stable |
Castle Rock Lifelong Learning Center | Colorado | BBB | Negative |
Classical Academy Charter School | Colorado | BBB | Stable |
Flagstaff Academy | Colorado | BBB | Negative |
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 |
Mater 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 |
Ashland School, Inc. | New Jersey | 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- | Stable |
Villa Montessori, Inc. | Arizona | BBB- | Stable |
Alliance Gertz-Ressler Richard Merkin 6-12 Complex | California | 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 Mountain Charter Academy | Colorado | BBB- | Negative |
DCS Montessori Charter School | Colorado | BBB- | Stable |
Excel Academy Charter School | Colorado | BBB- | Stable |
Frontier Academy | Colorado | BBB- | Stable |
Independence 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 Academy 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 Regional Charter School | Massachusetts | BBB- | Stable |
Sabis International Charter School | Massachusetts | BBB- | Stable |
Chandler Park Academy | Michigan | BBB- | Negative |
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 |
PACT Charter School | Minnesota | BBB- | Stable |
Coral Academy of Science-Las Vegas | Nevada | BBB- | Stable |
Foundation Academy Charter School | New Jersey | BBB- | Stable |
North Star Academy Charter School of Newark | New Jersey | BBB- | Stable |
Bronx Charter School for Excellence | New York | BBB- | Stable |
KIPP Albany | 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 |
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 |
Bob Hope School | 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 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- | Negative |
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 |
Legacy Traditional Schools | Arizona | BB+ | Stable |
Paradise Education Center | Arizona | BB+ | Stable |
Caliber Public Schools | California | BB+ | Stable |
Classical Academy, Inc. | California | BB+ | Stable |
Equitas Academy Charter School | California | BB+ | Stable |
Fenton Charter Public Schools | California | BB+ | Stable |
Grimmway Schools | California | BB+ | Stable |
King Chavez Academies | California | BB+ | Stable |
Lifeline Education Charter School | 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 School | Colorado | BB+ | Stable |
Monument Academy | Colorado | BB+ | Negative |
Latin American Montessori Bilingual Public Charter School | District Of Columbia | BB+ | Stable |
Sage International School Of Boise | Idaho | BB+ | Stable |
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 |
Duluth Edison Charter Schools (Tischer Creek Duluth Building Co.) | Minnesota | BB+ | Stable |
Eagle Ridge Academy | Minnesota | BB+ | Stable |
Hmong Education Reform Company | Minnesota | BB+ | Stable |
Lakes International Language Academy | Minnesota | BB+ | Stable |
Nova Classical Academy | Minnesota | BB+ | Stable |
Spectrum High School | Minnesota | BB+ | Negative |
St Croix Preparatory Academy | Minnesota | BB+ | Stable |
Yinghua Academy | 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 | Nevada | BB+ | Stable |
Doral Academy of Nevada - Saddle & Cactus | Nevada | BB+ | Stable |
Explore Knowledge Foundation | Nevada | BB+ | Negative |
Pinecrest Academy of Nevada | Nevada | BB+ | Negative |
Public Preparatory Charter Schools Academies | New York | BB+ | Stable |
South Bronx Charter School for International Cultures & the Arts | New York | BB+ | Stable |
Tapestry Charter School | New York | BB+ | Stable |
Carolina International School | North Carolina | BB+ | Stable |
Pine Lake Preparatory | North Carolina | BB+ | Stable |
Chester Charter Scholars Academy Charter School | Pennsylvania | BB+ | Stable |
Discovery Charter School | Pennsylvania | BB+ | Negative |
First Philadelphia Preparatory Charter School | Pennsylvania | BB+ | Stable |
KIPP Philadelphia Charter School | Pennsylvania | BB+ | Stable |
Philadelphia Performing Arts Charter School | Pennsylvania | BB+ | Stable |
Propel Charter Schools - Braddock Hills | Pennsylvania | BB+ | Negative |
Propel Charter Schools - Montour | Pennsylvania | BB+ | Negative |
Tacony Academy Charter School | Pennsylvania | BB+ | Stable |
Blackstone Valley Preperatory Academy | Rhode Island | BB+ | Negative |
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 |
Southwest Preparatory School | Texas | BB+ | Stable |
Wasatch Peak Academy | Utah | BB+ | Positive |
Academies of Math and Science | Arizona | BB | Stable |
Arizona Autism Charter School | Arizona | BB | Stable |
BASIS Schools, Inc. | Arizona | BB | Stable |
Berean Academy | 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 | Stable |
MPM Sherman Way LLC | California | BB | Stable |
Nova Academy | California | BB | Stable |
Palmdale Aerospace Academy (The) | California | BB | Negative |
PUC Schools | California | BB | Stable |
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 |
Twin Peaks Charter Academy | Colorado | BB | Stable |
ASPIRA of Delaware Charter Operations, Inc. | Delaware | BB | Negative |
Dayspring Academy for Education and Arts | Florida | BB | Stable |
Terrace Community Middle School | Florida | BB | Stable |
Compass Public Charter School | Idaho | BB | Stable |
Avondale Meadows Academy | Indiana | BB | Negative |
Alma del Mar Charter School | Massachusetts | BB | Stable |
Advanced Technical 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 |
Educational Properties TCGIS, LLC | Minnesota | BB | Stable |
HOPE Community Academy | Minnesota | BB | Negative |
Noble Academy | Minnesota | BB | Negative |
Parnassus Preparatory School | Minnesota | BB | Stable |
St. Paul Conservatory for Performing Arts | Minnesota | BB | Stable |
Twin Cities Academy | Minnesota | BB | Negative |
Brookside Charter School | Missouri | BB | Stable |
Mater Academy of Nevada | Nevada | BB | Stable |
Nevada Charter Academies, d/b/a Amplus Academy | Nevada | BB | Stable |
Somerset Academy of Las Vegas | Nevada | BB | Positive |
Somerset Academy of Las Vegas-Lone Mountain Campus | Nevada | BB | Positive |
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 |
West Philadelphia Achievement Charter Elementary School | Pennsylvania | BB | Stable |
Jubilee Academic Center, Inc. | Texas | BB | Stable |
Leadership Preparatory School | Texas | BB | Stable |
New Frontiers Public Schools | Texas | BB | Negative |
Nova Academy | Texas | BB | Stable |
NYOS Charter School, Inc. | Texas | BB | Stable |
Odyssey Academy, Inc. | Texas | BB | Stable |
Village Tech Schools | Texas | BB | Stable |
Wayside 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 |
Edkey, Inc. | Arizona | BB- | Stable |
Odyssey Preparatory Academy | Arizona | BB- | Stable |
Pensar Academy, Inc. | 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 |
Kaleidoscope Charter School | Minnesota | BB- | Stable |
KIPP North Star Academy | Minnesota | BB- | Stable |
Prairie Seeds Academy | Minnesota | BB- | Negative |
Founders Academy of Las Vegas | Nevada | BB- | Stable |
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 |
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 Schools | Arizona | B | Negative |
Conner Creek Academy East | Michigan | B | Stable |
Detroit Service Learning Academy | Michigan | B | Stable |
Saginaw Preparatory Academy | Michigan | B | Negative |
Voyageur Academy | Michigan | B | Stable |
High School for Recording Arts | Minnesota | B | Stable |
New Millennium Academy | Minnesota | B | Stable |
Evolution Academy Charter School | Texas | B | Stable |
Detroit Community Schools | Michigan | B- | Negative |
School of Excellence in Education | Texas | B- | Stable |
Children of Promise Preparatory Academy | California | CC | Negative |
Plymouth Educational Center Charter School | Michigan | D | NM |
This report does not constitute a rating action.
Primary Credit Analysts: | Jessica L Wood, Chicago + 1 (312) 233 7004; jessica.wood@spglobal.com |
Mikayla Mahan, Centennial; mikayla.mahan@spglobal.com | |
Secondary Contact: | Peter V Murphy, New York + 1 (212) 438 2065; peter.murphy@spglobal.com |
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