This report does not constitute a rating action. S&P Global Ratings' long-term rating on the Indiana Finance Authority 's series 2017 educational facilities multipurpose revenue bonds, issued for Avondale Meadows Academy Inc. (Avondale), is 'BB'. The outlook is stable. As of June 30, 2024, Avondale had $19.7 million in total debt outstanding, consisting solely of the series 2017 bonds. The bonds are secured by revenues of all three Avondale schools, consisting primarily of per-pupil funding from the state. We assessed Avondale's enterprise profile as adequate, characterized by a stable enrollment base, solid management team, and a good relationship with its authorizer. Partly offsetting these factors are the weakened trend in student retention rates and variable academic performance. We assessed the
