HOUSTON (S&P Global Ratings) Nov. 22, 2022--S&P Global Ratings lowered its underlying rating to 'B+' from 'BB-' on Arlington Higher Education Finance Corp., Texas' series 2016 and 2017 education revenue bonds, issued for A.W. Brown Leadership Academy (A.W. Brown). The outlook is negative. "The rating action reflects our view of A.W. Brown's weakened financial profile, leading to three full-accrual operating deficits and lease-adjusted maximum annual debt service coverage below 1x, with expectations for similar results in fiscal 2022," said S&P Global Ratings credit analyst David Holmes. The negative outlook reflects our view that A.W. Brown's demand profile could come under pressure if significant enrollment declines persist, such that financial operations, MADS coverage, or days' cash on hand were to weaken,
