Moody's assigns Ba2 to AcadeMir Charter Schools, Inc., FL's Series 2022A and 2022B bonds; outlook stable

Academir Charter Schools, INC: New Issuer - Credit Opinion – 2022/05/23 – US$ 250.00 – ...The credit profile of AcadeMir Charter Schools, Inc. D/B/A as AcadeMir Preparatory Academy and AcadeMir Charter School Middle (Ba2) incorporates the schools' nearly-at-capacity enrollment, solid demand and adequate competitive profile. Likewise, both pro forma debt service coverage and liquidity are in line with similarly-rated charter school peers. Post issuance leverage will increase significantly as the schools convert existing capital leases to ownership of facilities, though fixed costs will remain manageable. Key credit challenges include the schools' transition to a long term fixed cost debt structure, which could potentially impact operating flexibility. In addition, the borrower and parent, AcadeMir Charter School Inc., has adopted a relatively aggressive expansion strategy that has a higher risk profile than many of its academic and financial peers. Currently, the obligated schools are two of six charter schools in operation under the AcadeMir Charter School, Inc. umbrella. A...