...October 22, 2021 HOUSTON (S&P Global Ratings) Oct. 22, 2021--S&P Global Ratings assigned its '###-' long-term rating to Public Finance Authority, Wis.' series 2021A, 2021B, and 2015A bonds issued for Triad Educational Services Inc., N.C., on behalf of Triad Math and Science Academy Company (TMSA or the academy). The outlook is stable. The $31.045 million series 2021 bonds are expected to finance a new facility at TMSA's Greensboro campus (Triad School), finance the acquisition and construction of its Apex School in Apex, fund a debt service reserve and capitalized interest, and pay issuance costs. Pro forma debt of approximately $51.6 million will consist of the series 2021 bonds as well as the school's $20.8 million series 2015A bonds outstanding. "We assessed TMSA's enterprise profile as adequate, characterized by its strong and growing demand, which is expected to continue through the outlook period with growth of its Apex School; solid student retention; and good charter standing with...
