Granada Hills Charter High School Obligated Group, CA Charter School Revenue Bonds Assigned 'BBB-' Rating

SAN FRANCISCO (S&P Global Ratings) Feb. 23, 2017--S&P Global Ratings assigned 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, solid demand with a sufficient waiting list, good academics, and a proactive management team," said S&P Global Ratings Robert Tu. "We assessed GHCHS's financial profile as adequate, with a large operating base and very low maximum annual debt service burden, offset by a weak pro-forma lease adjusted maximum annual debt service coverage, and below average liquidity compared to similarly rated peers," Mr. Tu added. GHCHS

...SAN FRANCISCO (S&P Global Ratings) Feb. 23, 2017--S&P Global Ratings assigned 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, solid demand with a sufficient waiting list, good academics, and a proactive management team," said S&P Global Ratings Robert Tu. "We assessed GHCHS's financial profile as adequate, with a large operating base and very low maximum annual debt service burden, offset by a weak pro-forma lease adjusted maximum annual debt service coverage, and below average liquidity compared to similarly rated peers," Mr. Tu added. GHCHS is a grade 9-12 public charter high school located in the Los Angeles neighborhood of Granada Hills. Granada Hills High School was originally opened in 1960. It was later converted...

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