S&P: 21st Century Charter School, IN Revenue Bond Outlook Revised To Stable From Negative On Improved Operations

S&P Global Ratings revised its outlook to stable from negative and affirmed its 'B+' rating on the Indiana Finance Authority's series 2013A and taxable series 2013B educational facilities revenue bonds, issued for 21st Century Charter School (21st Century).

"The stable outlook reflects our view of the school's improved operations in fiscal 2017, which we expect will moderate but remain supportive of at least 1.0x maximum annual debt service coverage in fiscal 2018," said S&P Global Ratings credit analyst Kaiti Wang.

Proceeds from the 2013 bond issuance were used largely to finance the construction of a facility on land donated by the city of Gary, as well as to purchase the school's existing facility and to fully fund a capitalized interest and debt service reserve fund.

21st Century is a kindergarten-through-12th grade (K-12) midsize charter school in Gary.

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