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U.S. Charter Schools Rating Actions, 2020

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U.S. Charter Schools Rating Actions, 2020

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

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Chart 2

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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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