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

S&P Global Ratings revised its outlook to positive from stable and affirmed its 'BBB-' rating on California School Finance Authority's series 2017 and 2019 charter school revenue bonds issued for Granada Hills Charter Obligated Group (GHC). At the same time, S&P Global Ratings assigned its 'BBB-' rating to the authority's series 2021 charter school projects revenue bonds, series 2021A and 2021B (taxable) refunding bonds issued for GHC. The positive outlook reflects our view of the school's solid demand profile, growing enrollment, and improved operating margins and maximum annual debt service (MADS) coverage, which we will believe will be sustained through the outlook period. Additionally, we expect an increase in per-pupil funding from the state for fiscal 2022, which could help the

...S&P Global Ratings revised its outlook to positive from stable and affirmed its '###-' rating on California School Finance Authority's series 2017 and 2019 charter school revenue bonds issued for Granada Hills Charter Obligated Group (GHC). At the same time, S&P Global Ratings assigned its '###-' rating to the authority's series 2021 charter school projects revenue bonds, series 2021A and 2021B (taxable) refunding bonds issued for GHC. The positive outlook reflects our view of the school's solid demand profile, growing enrollment, and improved operating margins and maximum annual debt service (MADS) coverage, which we will believe will be sustained through the outlook period. Additionally, we expect an increase in per-pupil funding from the state for fiscal 2022, which could help the school develop a trend of stronger operational results relative to historical performance. In our view, if the school can strengthen its liquidity position organically, without stimulus funding, to levels that...

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