NEW YORK (S&P Global Ratings) Dec. 21, 2022--S&P Global Ratings revised its outlook to stable from negative and affirmed its 'BBB' 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, and 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 stable outlook revision reflects TEAM's success in growing into its series 2021 bond issuance supported by steady enrollment growth, improved operating results, sufficient lease-adjusted maximum annual debt service coverage, all of which we expect will continue and provide support at the current rating level,"
