S&P Global Ratings affirmed its 'BBB-' underlying rating on the Colorado Educational&Cultural Facilities Authority ?s series 2016 charter school refunding revenue debt, supported by Excel Academy Building Corp. and issued for Excel Academy Charter School (Excel). The outlook is negative. As of June 30, 2024, Excel had $3.67 million in total debt outstanding, consisting solely of the series 2016 refunding bonds. Its revenue, defined in governing bond documents as all revenue or income from lease payments, secures the bonds. Under the lease agreement, the charter school makes payments from a gross revenue pledge, primarily state per-pupil funding. We assessed Excel's enterprise profile as adequate supported by the academy?s long-standing history in the community, competitive academics, and favorable relationship
