S&P Global Ratings affirmed its 'BB-' long-term rating to the Public Finance Authority , Wis.' series 2020 and 2023 charter school revenue bonds, issued for Founders Classical Academy of Las Vegas (FCALV). The outlook is stable. FCALV's debt outstanding will total approximately $32.6 million at fiscal year-end 2025. School revenue secures the bonds outstanding, which we essentially consider a general obligation of the school. Bond covenants include 45 days' cash on hand and debt service coverage (DSC) of 1.1x. Violation of covenants requires the engagement of a management consultant but does not constitute a technical default unless coverage falls to less than 1x. We note that although maximum annual debt service (MADS) coverage was below 1x for fiscal 2024, the
