Summary: Triad Educational Services, North Carolina Public Finance Authority, Wisconsin; Charter Schools

S&P Global Ratings revised the outlook to negative from stable and affirmed its 'BBB-' long-term rating on the Public Finance Authority, Wis.' series 2022, 2021, and 2015A 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 assigned its 'BBB-' long-term rating, with a negative outlook, to the Public Finance Authority's series 2025A ($91.5 million par) education revenue bonds issued for Triad Educational Services, Inc. The outlook is negative. The outlook revision reflects our view of the limited financial and operating flexibility at the current rating given the material increase in Triad's debt, resulting in an elevated pro forma maximum

...+ S&P Global Ratings revised the outlook to negative from stable and affirmed its '###-' long-term rating on the Public Finance Authority, Wis.' series 2022, 2021, and 2015A 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 assigned its '###-' long-term rating, with a negative outlook, to the Public Finance Authority's series 2025A ($91.5 million par) education revenue bonds issued for Triad Educational Services, Inc. + The outlook is negative. + The outlook revision reflects our view of the limited financial and operating flexibility at the current rating given the material increase in Triad's debt, resulting in an elevated pro forma maximum annual debt service (MADS) burden and expected pro forma MADS coverage under 1x over the near term, reflecting the need for the network to meet its enrollment growth projections; coupled with a liquidity position that remains...

Summary