During third-quarter 2026 (July 1 to Sept. 30), S&P Global Ratings changed its rating or revised the outlook on 17 U.S. charter schools while assigning three new ratings and maintaining 51 ratings across the sector. The rating actions are broken out as follows: S&P Global Ratings took two positive rating actions during the third quarter, raising one rating and revising one outlook to positive from stable. These actions were a result of growing enrollment and strong demand profiles that translated into sustained improvements in key financial metrics, including healthier operating margins, strengthened lease-adjusted maximum annual debt service (MADS) coverage, growing liquidity, and moderating debt ratios. S&P Global Ratings took 15 negative rating actions during the quarter, lowering eight ratings and
