S&P Global Ratings revised its outlook to stable from negative and affirmed its 'BBB-' long-term rating on Chester County Industrial Development Authority , Pa.'s series 2017A revenue bonds, issued for Avon Grove Charter School (AGCS). The outlook revision reflects AGCS? continued healthy demand and positive operating performance that have translated to material increases in reserves during the past several years. The outlook also reflects our view of the progress made toward refinancing the school?s debt through the U.S. Department of Agriculture (USDA) in 2026, which partly mitigates its elevated leverage. As of June 30, 2024, AGCS' outstanding debt of $76.1 million consists of the series 2017A revenue bonds, $50 million in series 2024 notes (not rated by S&P Global Ratings),
