New Jersey Economic Development Authority Ashland School Inc.; Charter Schools

S&P Global Ratings affirmed its 'BBB' rating on the New Jersey Economic Development Authority's series 2018A tax-exempt and series 2018B taxable revenue bonds, issued for the Friends of TEAM Academy Charter Schools (FOTA) on behalf of TEAM Academy Charter School Inc. (TEAM). At the same time, we affirmed our 'BBB' rating on the New Jersey Economic Development Authority's series 2013 revenue bonds issued for Ashland School Inc. (Ashland), also on behalf of TEAM. The outlook on all bonds is stable. 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 profile as adequate, supported by consistently

...S&P Global Ratings affirmed its '###' rating on the New Jersey Economic Development Authority's series 2018A tax-exempt and series 2018B taxable revenue bonds, issued for the Friends of TEAM Academy Charter Schools (FOTA) on behalf of TEAM Academy Charter School Inc. (TEAM). At the same time, we affirmed our '###' rating on the New Jersey Economic Development Authority's series 2013 revenue bonds issued for Ashland School Inc. (Ashland), also on behalf of TEAM. The outlook on all bonds is stable. 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 profile as adequate, supported by consistently positive operating performance and sufficient lease adjusted maximum annual debt service (MADS) coverage, offsetting its high leverage, both on an absolute and per-student basis, and modest days' cash on hand. We...

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