SAN FRANCISCO (S&P Global Ratings) Feb. 3, 2020--S&P Global Ratings lowered its underlying rating to 'BB-' from 'BB' on Arlington Higher Education Finance Corp., Texas' series 2016 and series 2017 education revenue bonds, issued for A.W. Brown Fellowship Leadership Academy (A.W. Brown). The outlook is stable. The 'AAA' long-term program rating on the series 2016 and 2017 bonds reflects our view of A.W. Brown's participation in the Texas Permanent School Fund Bond Guarantee Program, which provides the security of a permanent fund of assets that could be used to meet debt service on the series 2016 and 2017 bonds. For more information on the long-term program rating, please see our report published June 7, 2019, on RatingsDirect. "The lowered underlying
