Standard&Poor's Ratings Services assigned its 'BBB' long-term rating to the New Jersey Economic Development Authority's $19 million series 2013 revenue bonds issued for Ashland School Inc. (Ashland) on behalf of TEAM Academy Charter School (TEAM). The outlook is stable. Ashland, a single-purpose New Jersey not-for-profit corporation, will use the proceeds of the series 2013 bonds to acquire two of TEAM's school facilities. Ashland will lease the facilities to TEAM with five-year leases that automatically renew at the end of each five-year term, which corresponds with the length of the charter. This unique lease structure stems from New Jersey charter school law, which prevents charter schools from entering into long-term indebtedness or leases that exceed the term of the
