S&P Global Ratings affirmed its 'BBB' long-term rating on the New Jersey Economic Development Authority's series 2018 and series 2013 revenue bonds, issued for the Friends of TEAM Academy Charter Schools (FOTA) and Ashland School Inc. (Ashland), respectively. At the same time, S&P Global Ratings affirmed its 'BBB' long-term rating on the Essex County Improvement Authority, N.J.'s series 2021 revenue bonds issued for FOTA, all on behalf of TEAM Academy Charter School Inc. (TEAM). The outlook on both ratings is stable. FOTA and Ashland are single-purpose New Jersey not-for-profit corporations and the borrowers on TEAM's rated debt obligations and owners of the related facilities. Ashland, FOTA, and other single-purpose entities are leasing the facilities to TEAM structured as leases that
