This report does not constitute a rating action. S&P Global Ratings' long-term rating on the Passaic County Improvement Authority , N.J.'s revenue bonds, issued for Paterson Arts and Science Charter School (PASCS, the academy, or the school) on behalf of iLearn Facility Development Inc., is 'BBB-'. The outlook is stable. The series 2023 bonds are limited obligations of the authority. The bond proceeds are loaned to iLearn Facility Development Inc., a new Jersey nonprofit corporation, for the purpose of acquiring the land and the properties for 183-229 Grand St. and 8-14 Morris St. to lease these properties to Paterson Arts and Science Charter School. iLearn Facility Development Inc., the charter management organization (CMO), owns and leases the facilities, pursuant to
