Summary: Detroit Service Learning Academy, Michigan; Charter Schools

S&P Global Ratings placed its 'B' long-term rating on Michigan Finance Authority's series 2011 public school academy limited obligation revenue and refunding bonds, issued for Detroit Service Learning Academy (DSLA) on CreditWatch with developing implications. On March 11, 2021, we had placed our rating on DSLA on CreditWatch with negative implications to reflect the immediate refinancing risk associated with the school's series 2014A and 2014B bonds (not rated), which have a $6.075 million bullet maturity coming due Sept. 1, 2021. Since then, DSLA has worked with its underwriter and current bondholders, with plans to refinance all its existing debt through a limited public offering this summer. The CreditWatch with developing implications reflects our view that we could raise or lower

...S&P Global Ratings placed its 'B' long-term rating on Michigan Finance Authority's series 2011 public school academy limited obligation revenue and refunding bonds, issued for Detroit Service Learning Academy (DSLA) on CreditWatch with developing implications. On March 11, 2021, we had placed our rating on DSLA on CreditWatch with negative implications to reflect the immediate refinancing risk associated with the school's series 2014A and 2014B bonds (not rated), which have a $6.075 million bullet maturity coming due Sept. 1, 2021. Since then, DSLA has worked with its underwriter and current bondholders, with plans to refinance all its existing debt through a limited public offering this summer. The CreditWatch with developing implications reflects our view that we could raise or lower the rating within the next 90 days based on either the continuation or resolution of the refinancing risk associated with the debt coming due. The planned series 2021 fixed-rate, 20-year maturity bonds are...

Summary