This report does not constitute a rating action. S&P Global Ratings' underlying rating on the Colorado Educational and Cultural Facilities Authority 's series 2021A and 2021B charter school revenue bonds, issued for Lincoln Academy Charter School (Lincoln, LACS, or the school), is 'BBB-'. The outlook is stable. Lincoln had about $8.4 million of debt outstanding as of June 30, 2024, composed solely of the series 2021 bonds. A mortgage and security interest in the school facilities and a debt service reserve fund secure the bonds, which are considered a general obligation of the charter school through the school's obligation to make lease payments to an affiliated building corporation (Lincoln Academy Building Corp.), which is obligated to make principal and interest
