Summary: Detroit Service Learning Academy, Michigan; Charter Schools

S&P Global Ratings' raised its long-term rating on the Detroit Service Learning Academy (DSLA)'s series 2021 public school academy refunding bonds to 'BB' from 'BB-'. The outlook is positive. The upgrade and positive outlook reflect DSLA's steady enrollment above 1,300 students, increasing revenues (adjusted for one-time federal relief funds), consistent trend of solid operating margins, coverage that exceeds 'BB' medians, and growing liquidity. We could raise the rating if DSLA sustains its strengthened demand and financial metrics while pursuing its plans to open a high school over the next one to two years. The school's outstanding debt consist solely of $14.745 million, series 2021 bonds issued in August 2021. The series 2021 bonds are general obligations of the academy, payable

...+ S&P Global Ratings' raised its long-term rating on the Detroit Service Learning Academy (DSLA)'s series 2021 public school academy refunding bonds to '##' from '##-'. + The outlook is positive. + The upgrade and positive outlook reflect DSLA's steady enrollment above 1,300 students, increasing revenues (adjusted for one-time federal relief funds), consistent trend of solid operating margins, coverage that exceeds '##' medians, and growing liquidity. We could raise the rating if DSLA sustains its strengthened demand and financial metrics while pursuing its plans to open a high school over the next one to two years....

Summary