...May 7, 2021 NEW YORK (S&P Global Ratings) May 7, 2021--S&P Global Ratings assigned its '##' rating to Tipton Academy, Mich.'s series 2021 public school academy revenue bonds. The outlook is stable. Post issuance, Tipton will have about $6.1 million in total debt outstanding, consisting solely of the series 2021 revenue bonds. Proceeds of the series 2021 bonds will be used to acquire the academy's two facilities, which it currently leases. The acquisition is expected to result in material budgetary savings for Tipton, as maximum annual debt service (MADS) on the bonds is approximately $100,000 (approximately 20%) less than the total lease expense paid in recent fiscal years. "We assessed the academy's enterprise profile as vulnerable, reflecting its location in an area with declining population, although we view management's recent market efforts toward stabilizing enrollment favorably, particularly during the pandemic," said S&P Global Ratings credit analyst Jesse Brady. Academic performance...
