S&P Global Ratings' long-term rating on the Palm Beach School for Autism Public Charter School (PBSFA), Fla.'s series 2021 charter school revenue bonds is 'BB+'. The outlook is stable. Palm Beach School for Autism Properties, LLC is the borrower and lessor, created by PBSFA for the purpose of entering into a $15 million loan from the Equitable Facilities Fund (EFF) to acquire the building PBSFA was leasing, as well as the neighboring building occupied by a private daycare provider. Upon loan closing, PBSFA and the daycare provider became tenants of their respective facilities, and the borrower is the lessor. The EFF loan is a general obligation of PBSFA, secured by the school's revenues and a first-mortgage lien on the financed
