NEW YORK (S&P Global Ratings) Nov. 3, 2021--S&P Global Ratings assigned its 'BB+' long-term rating to Build NYC Resource Corp.'s $16.2 million series 2021A tax-exempt and series 2021B taxable educational revenue bonds issued for Seton Education Partners (Seton) on behalf of Brilla Public Preparatory Charter Schools (Brilla). The outlook is stable. "We assessed Brilla's enterprise profile as adequate, characterized by historically growing enrollment, solid demand, healthy academic results, and a positive relationship with the charter authorizer, though the school's limited operating and renewal history do somewhat constrain the rating," said S&P Global Ratings credit analyst Avani Parikh. We assessed the financial profile as vulnerable, reflecting Brilla's sufficient liquidity position and consistently positive operating results supported by significant rental assistance, which
