...July 18, 2024 AUSTIN (S&P Global Ratings) July 18, 2024--S&P Global Ratings withdrew its 'B+' underlying rating on Arlington Higher Education Finance Corp., Texas' series 2016 and 2017 education revenue bonds, issued for A.W. Brown Leadership Academy (A.W. Brown), as a result of a legal defeasance of the bonds on June 28, 2024. The series 2016A, 2017A, and 2017B revenue bonds, with about $21.5 million outstanding as of June 30, 2023, were a general obligation of A.W. Brown, secured by gross revenue, which consists primarily of per pupil funding, and a first mortgage lien on the academy's land and facilities. According to agreement documents, IDEA Public Schools acquired the facilities, debt, and students from A.W. Brown as of June 28, 2024, and before the bond payment due date in August 2024. We understand that A.W Brown is expected to surrender its charter by July 31, 2024. We also understand that the Texas Education Agency has awarded A.W. Brown's real and personal property as well as...
