Standard&Poor's Ratings Services affirmed its 'BBB' rating on New Jersey Economic Development Authority's series 2013 revenue bonds issued for Ashland School Inc. (Ashland) on behalf of TEAM Academy Charter School (TEAM). The outlook is stable. Ashland, a single-purpose New Jersey not-for-profit corporation, used the series 2013 bond proceeds to acquire two of TEAM's school facilities. Ashland is leasing the facilities to TEAM with five-year leases that automatically renew after each five-year term, corresponding with the length of the charter. This unique lease structure stems from New Jersey charter school law, which prevents charter schools from entering into long-term indebtedness or leases that exceed the term of the charter. The 'BBB' rating reflects our view of TEAM's historically strong
