S&P Global Ratings affirmed its'BBB'long-term rating on the California School Finance Authority's series 2019, 2021, and 2024 charter school revenue bonds, issued for Granada Hills Charter Obligated Group (GHC). The outlook is negative. Total debt as of fiscal 2025 is $85.6 million, including the series 2019, 2021, and 2024 bonds. The bonds are secured by gross revenue of GHC, with state payments intercepted each month by the trustee, a mortgage lien (on the Devonshire campus), a debt service reserve fund funded at maximum annual debt service (MADS), and a repair and replacement fund. Bond proceeds were loaned to the borrower, 17081 Devonshire LLC, a limited liability company, the sole member of which is GHC. The borrower is
