S&P Global Ratings assigned its 'BBB-' long-term rating to the California School Finance Authority's (CSFA) series 2023A (tax-exempt) and series 2023B (taxable) charter school revenue bonds, to be issued for 3200 Adams Holding Corp. on behalf of STEM Preparatory Schools Inc. for the obligated group. The outlook is stable. The bonds are secured by gross revenues of the obligated group, which includes two of the network's three schools, STEM Preparatory Elementary School (SPES) and Math and Science College Preparatory (MSCP). The network's third school, Crown Preparatory Academy (CPA), is not included in the obligated group and its revenues are not pledged to the bonds. The bonds are further secured by a debt service reserve fund (DSRF) that will be funded
