California School Finance Authority Granada Hills Charter High School Obligated Group; Charter Schools

S&P Global Ratings affirmed its 'BBB-' long-term rating to California School Finance Authority's charter school revenue bonds series 2017A (tax-exempt) and 2017B (taxable), issued for Granada Hills Charter High School Obligated Group (GHCHS). The outlook is stable. We assessed GHCHS's enterprise profile as adequate, characterized by steady enrollment at a large size, solid demand with a sufficient waiting list, and impressive academics. The school has plans to expand into K-8 in the next two years. We assessed GHCHS's financial profile as adequate, with a large operating base and very low maximum annual debt service (MADS) burden, offset by a projected deficit for fiscal 2018, one-time capital expenses in fiscal 2017 for modernization of the Zelzah campus, slim pro-forma lease adjusted

...S&P Global Ratings affirmed its '###-' long-term rating to California School Finance Authority's charter school revenue bonds series 2017A (tax-exempt) and 2017B (taxable), issued for Granada Hills Charter High School Obligated Group (GHCHS). The outlook is stable. We assessed GHCHS's enterprise profile as adequate, characterized by steady enrollment at a large size, solid demand with a sufficient waiting list, and impressive academics. The school has plans to expand into K-8 in the next two years. We assessed GHCHS's financial profile as adequate, with a large operating base and very low maximum annual debt service (MADS) burden, offset by a projected deficit for fiscal 2018, one-time capital expenses in fiscal 2017 for modernization of the Zelzah campus, slim pro-forma lease adjusted MADS coverage, and below average liquidity compared to similarly-rated peers. We believe that these combined credit factors lead to an indicative stand-alone credit profile of '###-' and a final rating of...

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