S&P Global Ratings' long-term rating on Advanced Technology Academy (ATA), Mich.'s series 2019 public school academy refunding bonds is 'BB+'. The outlook is stable. As of June 30, 2023, ATA had about $10 million in long-term debt outstanding, consisting solely of the series 2019 refunding bonds. The bonds are full-faith-and-credit obligations of the academy, secured by 20% of state aid payments to the school, a mortgage on the facilities, and a debt service reserve fund. Like many other Michigan charter schools, ATA has historically borrowed short-term notes for cash flow purposes. ATA borrowed $300,000 in state aid anticipation notes in fiscal 2023 that matured in August 2023, and has borrowed $250,000 for fiscal 2024, with these notes maturing in August 2024.
