This report does not constitute a rating action. S&P Global Ratings long-term rating on Build NYC Resource Corp .'s series 2021A tax-exempt and series 2021B taxable educational revenue bonds, issued for Seton Education Partners (Seton), New York on behalf of Brilla College Preparatory Charter Schools (Brilla), is ‘BB+’. The outlook is stable. Seton serves as Brilla's full-service contracted management company and is the borrower on the bonds. Pledged revenues include an absolute assignment of lease payments of the participating schools to the issuer and the trustee. Additionally, the master trust indenture pledges all bank accounts held by Seton Education Partners that contain any portion of the pledged revenues, which we view to be a broader pledge as the bank accounts
