...S&P Global Ratings affirmed its '###' rating on the New Jersey Economic Development Authority's series 2013 revenue bonds issued for Ashland School Inc. (Ashland) on behalf of TEAM Academy Charter School Inc. (TEAM). The outlook is stable. Ashland, a single-purpose New Jersey not-for-profit corporation, used the series 2013 bond proceeds to acquire two of TEAM's school facilities. Ashland is leasing the facilities to TEAM with five-year leases that automatically renew after each five-year term, corresponding with the length of the charter. This unique lease structure stems from New Jersey charter school law, which prevents charter schools from entering into leases that exceed the term of the charter or incurring long-term debt related to construction. We assessed TEAM's enterprise profile as strong, characterized by managed enrollment growth, solid demand with a moderate waiting list and good academics, and a sophisticated and highly capable management team. We assessed TEAM's financial...
