Summary: California School Finance Authority Granada Hills Charter 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 2019A (tax-exempt), issued for Granada Hills Charter Obligated Group (Granada Hills Charter). At the same time, S&P Global Ratings affirmed its 'BBB-' rating on the authority's existing bonds issued for Granada Hills Charter High School. In 2019, Granada Hills Charter High School changed its name to Granada Hills Charter (GHC). The outlook is stable. We assessed GHC's enterprise profile as adequate, characterized by its large enrollment size which is expected to grow with the expansion into a new transitional kindergarten (TK)-8 program, solid demand, excellent academics, and stable and experienced management team. We assessed GHC's financial profile as adequate, with a relatively

...S&P Global Ratings assigned its '###-' long-term rating to California School Finance Authority's charter school revenue bonds series 2019A (tax-exempt), issued for Granada Hills Charter Obligated Group (Granada Hills Charter). At the same time, S&P Global Ratings affirmed its '###-' rating on the authority's existing bonds issued for Granada Hills Charter High School. In 2019, Granada Hills Charter High School changed its name to Granada Hills Charter (GHC). The outlook is stable. We assessed GHC's enterprise profile as adequate, characterized by its large enrollment size which is expected to grow with the expansion into a new transitional kindergarten (TK)-8 program, solid demand, excellent academics, and stable and experienced management team. We assessed GHC's financial profile as adequate, with a relatively large operating revenue base, a moderate pro forma maximum annual debt service (MADS) burden, and sufficient liquidity, partly offset by a history of variable full-accrual operating...

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