S&P Global Ratings assigned its 'BBB-' long-term rating to the Public Finance Authority, Wis.' series 2022 bonds issued for Triad Educational Services Inc., N.C., on behalf of Triad Math and Science Academy Co. (TMSA, the academy, or the school). At the same time, S&P Global Ratings affirmed its 'BBB-' long-term rating on the authority's previously issued 2021A, 2021B, and 2015A bonds. The outlook is stable. The rating applies only to the series 2022, 2021, and 2015 bonds, and not to TMSA as an organization. Three obligated TMSA schools' revenue, which, as defined in the governing bond documents, consists primarily of per pupil funding from the state, secures the series 2022, 2021, and 2015 bonds. The $42.9 million series 2022 bond
