This report does not constitute a rating action. S&P Global Ratings' long-term rating on Philadelphia Authority for Industrial Development 's series 2020 revenue bonds, issued for Philadelphia Performing Arts Charter School (PPACS), is 'BB+'. The outlook is stable. PPACS' total long-term debt was $49.5 million as of June 30, 2024, consisting solely of the series 2020A and 2020B bonds. Bond proceeds were loaned by the authority to the school's foundations, legally separate, tax-exempt entities, established to manage PPACS' annual operations, facilities, and long-term viability. A first-mortgage lien on facilities and PPACS revenue--defined in governing bond documents primarily as per-pupil funding from the local school district--secures the bonds. The foundation and PPACS have a lease-financing agreement, under which the foundation leases
