Summary: Arlington Higher Education Finance Corp. A.W. Brown Fellowship Charter School; Charter Schools

S&P Global Ratings assigned its 'BBB-' long-term rating on Newark Cultural Education Facilities Finance Corp. Texas' $21.8 million tax-exempt series 2016A and taxable series 2016B education revenue refunding bonds, issued for A.W. Brown Fellowship Leadership Academy (A.W. Brown). We also affirmed the 'BBB-' long-term rating on Newark Cultural Education Facilities Finance Corp. Texas' tax-exempt series 2012A and taxable series 2012B public school academy lease revenue bonds, issued for A.W. Brown. The outlook is stable. The ratings reflect our view of A.W. Brown's historically strong enrollment growth and demand trends since 2011, positive operating performance, a net surplus expected for fiscal 2016, above-average pro forma maximum annual debt service (MADS) coverage, and deep unrestricted liquidity position. Constraining the rating is the

...S&P Global Ratings assigned its '###-' long-term rating on Newark Cultural Education Facilities Finance Corp. Texas' $21.8 million tax-exempt series 2016A and taxable series 2016B education revenue refunding bonds, issued for A.W. Brown Fellowship Leadership Academy (A.W. Brown). We also affirmed the '###-' long-term rating on Newark Cultural Education Facilities Finance Corp. Texas' tax-exempt series 2012A and taxable series 2012B public school academy lease revenue bonds, issued for A.W. Brown. The outlook is stable. The ratings reflect our view of A.W. Brown's historically strong enrollment growth and demand trends since 2011, positive operating performance, a net surplus expected for fiscal 2016, above-average pro forma maximum annual debt service (MADS) coverage, and deep unrestricted liquidity position. Constraining the rating is the recent delay in the charter renewal due to data glitch, and the history of covenant violation in fiscal 2014. Management indicates that the school does...

Summary