This report does not constitute a rating action. S&P Global Ratings? rating on the California School Finance Authority 's (CSFA) series 2023A and 2023B charter school revenue bonds, issued for STEM Preparatory Schools ' obligated group, is 'BBB-'. The outlook is stable. Total debt outstanding as of June 30, 2024, was $17.2 million, consisting of $11.1 million in 2023A and B bonds, and the remainder constituted by long-term operating leases. The bonds are secured by gross revenues of the obligated group, which include two of the network's three schools, STEM Preparatory Elementary School and Math and Science College Preparatory (MSCP). The network's third school, Crown Preparatory Academy (CPA), is not included in the obligated group and its revenues are not
