Build NYC Resource Corp. Seton Education Partners; Charter Schools

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. Seton serves as Brilla's full service contracted management company and will be the borrower on the bonds. Pledged revenues include lease payments from Brilla to Seton, which are ultimately secured by full operating revenues of all Brilla schools and therefore we view the bonds as a general obligation of Brilla. The series 2021 bond proceeds will be used to refund existing loans that were used to finance leasehold improvement projects at three of the four school

...S&P Global Ratings assigned its '##+' 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. Seton serves as Brilla's full service contracted management company and will be the borrower on the bonds. Pledged revenues include lease payments from Brilla to Seton, which are ultimately secured by full operating revenues of all Brilla schools and therefore we view the bonds as a general obligation of Brilla. The series 2021 bond proceeds will be used to refund existing loans that were used to finance leasehold improvement projects at three of the four school facilities. While the debt sits on Seton's books, given the security structure, we are reflecting the series 2021 bonds as pro forma debt of Brilla for our analysis. The series 2021 bonds are expected to have predominantly level...

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