This report does not constitute a rating action. S&P Global Ratings' rating on the Indiana Finance Authority 's series 2015A educational facilities revenue bonds, issued for Discovery Charter School (Discovery), is 'BB-'. The outlook is stable. As of June 30, 2024, Discovery had $6.8 million in debt outstanding, consisting primarily of the series 2015A bonds, along with a nominal note payable to the Indiana Common School Fund. The 2015A bonds are a general obligation of Discovery secured by mortgage liens on the school's facilities and a pledge of all available revenue. We assessed the enterprise profile as vulnerable, reflecting a somewhat small enrollment base, limited student waitlist, and a softening trend in student retention rates, although positively offset by a
