This report does not constitute a rating action. S&P Global Ratings' underlying rating on Peak to Peak Charter School-Prairie View Inc. (P2P), Colo. is 'BBB+'. The outlook is stable. The bonds are secured by the school's revenue, which consists primarily of per-pupil funding from the state. A mortgage and security interest on facilities provide additional bondholder security. As of fiscal 2024 year-end, the school had $11.8 million in long-term debt. The rating is supported by the school's very stable enrollment at charter and facility capacity, excellent student retention, top academic performance, sophisticated management team, and favorable relationship with its authorizer. These strengths are offset in part by the size of the organization, with lower enrollment levels than similarly rated peers.
