This report does not constitute a rating action. S&P Global Ratings' long-term rating on the City of Minneapolis ' series 2013A tax-exempt charter school lease revenue bonds, issued for Yinghua Building Corp. Inc. (YBC) on behalf of Yinghua Academy (YA), is 'BB+'. The outlook is stable. As of June 30, 2024, the school had $12.9 million in total debt outstanding, consisting entirely of the series 2013 bonds. Securing the bonds is the academy's revenue, as defined in the governing bond documents, which consists primarily of per pupil funding from the state. YBC was created and organized exclusively to support YA, with a focus on purchasing, owning, or constructing a school building for lease to the academy. YBC owns and leases
