S&P Global Ratings' long-term rating on the Public Finance Authority, Wis.' series 2022 bonds issued for Triad Educational Services Inc., N.C., on behalf of Triad Math and Science Academy Co. (TMSA, the academy, or the school) is 'BBB-'. The outlook is stable. The rating applies only to the series 2022, 2021, and 2015 bonds, and not to TMSA as an organization. Three obligated TMSA schools' (Triad, Triangle, and Apex) revenue, defined in the governing bond documents as consisting primarily of per pupil funding from the state, secures the bonds. Gross revenue of TMSA through a lease agreement from Triad Educational Services, the borrower, secures the bonds. Legal provisions include a liquidity covenant of 45 days' cash on hand and an
