This report does not constitute a rating action. S&P Global Ratings long-term rating on Yonkers Economic Development Corp ., N.Y.'s series 2020A and 2020B educational revenue and refunding bonds, issued for Charter School of Educational Excellence (CSEE), is 'BB'. The outlook is stable. Total long-term debt as of June 30, 2024, was $49.6 million, which represents the principal balance outstanding on the series 2020 bonds as well as a series 2019 bond issue (unrated). The series 2020 and 2019 educational revenue bonds are secured by all operating revenue of the charter school through lease payments made to the borrower, and the school is the sole member of the borrower. We view all debt as parity, since all school revenues are
