Summary: California School Finance Authority Granada Hills Charter High School Obligated Group; Charter Schools

S&P Global Ratings assigned its 'BBB-' long-term rating to California School Finance Authority's charter school revenue bonds series 2017A (tax-exempt) and 2017B (taxable), issued for Granada Hills Charter High School Obligated Group (GHCHS). The outlook is stable. We assessed GHCHS's enterprise profile as adequate, characterized by steady enrollment, solid demand with a sufficient waiting list, good academics, and a proactive management team. We assessed GHCHS's financial profile as adequate, with a large operating base and very low maximum annual debt service burden, offset by a weak pro-forma lease adjusted maximum annual debt service (MADS) coverage and below average liquidity compared to similarly rated peers. We believe that these combined credit factors lead to an indicative stand-alone credit profile of 'bbb-'

...S&P Global Ratings assigned its '###-' long-term rating to California School Finance Authority's charter school revenue bonds series 2017A (tax-exempt) and 2017B (taxable), issued for Granada Hills Charter High School Obligated Group (GHCHS). The outlook is stable. We assessed GHCHS's enterprise profile as adequate, characterized by steady enrollment, solid demand with a sufficient waiting list, good academics, and a proactive management team. We assessed GHCHS's financial profile as adequate, with a large operating base and very low maximum annual debt service burden, offset by a weak pro-forma lease adjusted maximum annual debt service (MADS) coverage and below average liquidity compared to similarly rated peers. We believe that these combined credit factors lead to an indicative stand-alone credit profile of '###-' and a final rating of '###-'. The ratings further reflect our view of school's:...

Summary