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) on behalf of Brilla Public 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 from Brilla to Seton, which are ultimately secured by full operating revenues of all Brilla schools; therefore, we view the bonds as a general obligation of Brilla. Brilla is obligated to make lease payments to Seton inclusive of required debt service, facility leases, and annual maintenance costs to support facility upkeep. While the debt
