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In 2024, S&P Global Ratings downgraded twice (14) the number of ratings than that were raised (seven) across our rated universe of U.S. charter schools. Similarly, the number of charter school issuers that had an unfavorable outlook revision (19) outpaced the number of positive outlook revisions (14) that occurred across our rated universe.
Chart 1
Table 1
2024 U.S. charter schools initially assigned new ratings | |||
---|---|---|---|
Institution | State | Rating | Outlook |
Athenian eAcademy | UT | BB | Stable |
Ascend Public Charter Schools | NY | BB+ | Stable |
Ascent Classical Academy Charter Schools | CO | BB | Stable |
Champion Schools Inc. | AZ | BB | Stable |
Conservatory Lab Charter School Foundation | MA | BB | Stable |
Cornerstone Charter Academy | NC | BBB- | Stable |
Durham Charter School | NC | BB- | Stable |
Ednovate Schools | CA | BB+ | Stable |
Envision Education Inc. | CA | BB+ | Stable |
Etoile Academy Charter School | TX | BB | Stable |
Integrity Charter School | CA | BB- | Stable |
Kenilworth Science & Technology Charter School | LA | BB | Stable |
Lake Charles Charter Academy Foundation | LA | BB+ | Stable |
Mason Classical Academy | FL | BB | Stable |
Navigator Academy Of Leadership Inc. | FL | BB | Stable |
Real Journey Academies Inc. | CA | BB+ | Stable |
Rhode Island Nurses Institute Middle College Charter High School | RI | BB | Stable |
Success Academy Charter School | NY | A- | Stable |
The Community Charter School Of Paterson | NJ | BB+ | Stable |
Yu Ying Public Charter School | DC | BB | Stable |
Zeta Charter Schools | NY | BB+ | Stable |
Table 2
2024 U.S. charter school ratings raised | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Institution | State | Rating to | Rating from | Outlook to | Outlook from | Description | ||||||||
Amplus Academy | NV | BB+ | BB | Stable | Positive | Enrollment increases and improving financial metrics following succesful K-5 expansion. | ||||||||
Chester Charter Scholars Academy | PA | BBB- | BB+ | Stable | Positive | Continued trend of healthier operating margins and stronger lease-adjusted MADS coverage. | ||||||||
Hanley International Academy | MI | BB+ | BB | Stable | Positive | Healthier margins and improved debt service coverage metrics following series 2021 refinancing. | ||||||||
Legacy Traditional School | AZ | BBB- | BB+ | Stable | Positive | Steady enrollment base resulting in improved financial performance and growing liquidity position. | ||||||||
Paterson Charter School for Science & Technology | NJ | BB+ | BB | Stable | Positive | Consistent trend of enrollment growth through expansion to additional school sites and improving financial operations. | ||||||||
Quest Academy | UT | BBB | BBB- | Stable | Positive | Continued trend of healthier operating margins and stronger lease-adjusted MADS coverage. | ||||||||
Saginaw Preparatory Academy | MI | BB- | B+ | Stable | Stable | Consistent enrollment growth and stability in the new management team resulting in improved operating results. | ||||||||
Footnotes: | ||||||||||||||
MADS--Maximum annual debt service. DCOH--Days' cash on hand. |
Table 3
2024 U.S. charter school ratings lowered | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Institution | State | Rating to | Rating from | Outlook to | Outlook from | Description | ||||||||
Albany Leadership Charter High School For Girls | NY | B+ | BB | Negative | Stable | Lower-than-expected enrollment growth after middle school expansion, leading to operating deficits in fiscal 2022 that are expected to continue through fiscal 2024. | ||||||||
Duluth Edison Charter School | MN | BB | BB+ | Negative | Stable | Persistent enrollment declines, which pressured financial performance leading to DSC violation in fiscal 2023. | ||||||||
East Harlem Tutorial Program | NY | BB | BB+ | Stable | Stable | Weakened financial profile following a full-accrual operating deficit and MADS coverage of less than 1x in fiscal 2023. | ||||||||
Edkey, Inc. | AZ | D | BB+ | NM | CW Negative | Sharp enrollment declines and recent action by majority bondholders, after an informal agreement with Edkey management, to direct the bond trustee to refrain from making its scheduled Dec. 1, 2024, interest payment on the outstanding parity debt. | ||||||||
Evolution Academy Charter School | TX | B | B+ | Negative | Stable | Trend of weak operating performance, leading to fiscal 2023 MADS coverage below 1.0x, and a precipitous decline in liquidity projected in fiscal 2024. | ||||||||
Foundation Academy Charter School | NJ | BB+ | BBB- | Stable | Stable | Increased debt burden and worsening financial metrics following the issuance of series 2024 debt. | ||||||||
Jacquelyn Y. Kelley Discovery Charter School | PA | BB | BB+ | Stable | Stable | Weakened liquidity profile and limited growth potential due to their modest operating base. | ||||||||
Math & Science Academy | MN | BB+ | BBB- | Negative | Negative | Confirmed plans to issue additional debt coulpled with deficit operations and declining liquidity levels. | ||||||||
Memphis Rise Academy | TN | BB+ | BBB- | Negative | Stable | Declining liquidity and weak operating performance, resulting in a financial ratio covenant violation. | ||||||||
Noah Webster Basic School | AZ | BB- | BB | Negative | Negative | Continuing trend of material enrollment declines and a weakening liquidity position. | ||||||||
PACT Charter School | MN | BB | BB+ | Negative | Negative | Declining liquidity position, which could pressure financial metrics in the wake of an increased debt burden from the school's recent expansion and growing expense base. | ||||||||
Public Preparatory Charter Schools Academies | NY | BB | BBB | Negative | CW Negative | Significant and unexpected increase in pro forma lease-adjusted debt in fiscal 2023, translating to pro forma MADS coverage below 1x, along with the network's significant enrollment declines in recent years, leading to the consolidation of schools. | ||||||||
St. Paul Conservatory for Performing Arts | MN | B+ | BB- | Negative | Negative | Declining enrollment leading to a smaller operating base, leaving the school's finances more suspectible to unexpected enrollment fluctuations. | ||||||||
Urban Discovery Academy | CA | B+ | BB- | Negative | Negative | Signficant enrollment declines leading to materially weaker liquidity position and expectations for a full-accrual operating deficit in fiscal 2024. | ||||||||
MADS--Maximum annual debt service. DCOH--Days' cash on hand. DSC--Debt service coverage. |
These actions reflect a sector that remains stable due to increasing demand (21 new ratings were assigned in 2024) and steady-to-growing per-pupil funding for kindergarten-through-grade 12 (K-12) education, but has begun to experience operational challenges, as evidenced by the 14 ratings that were downgraded relative to just seven upgrades. As discussed in "U.S. Charter Schools 2025 Outlook: Stability For Now, With Pockets of Pressure" (published Jan. 22, 2025, on RatingsDirect), demand remains solid, with charter school enrollment increasing compared with that of traditional public schools over the last five years. However, charter schools are not immune to the wage pressures and labor shortages seen across the U.S., and emergency federal stimulus funds, which helped mitigate these pressures for charter schools in recent years, have been exhausted. We will be monitoring impending budgetary challenges as well as how a new federal administration with different priorities could create new opportunities or challenges across the sector.
Table 4
2024 U.S. Charter School Outlook Revisions | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Institution | State | Rating | Outlook to | Outlook from | Description | |||||||
21st Century Charter School Of Gary | IN | B+ | CW Positive | CW Developing | Resolution of the series 2013 bond covenants, including an added payment guarantee from GEO Foundation, the schools charter management organization | |||||||
A.W. Brown Leadership Academy | TX | B+ | CW Negative | Negative | Announcement that the school will surrender its charter to the state authorizer and stop operating under its current organization structure. | |||||||
Academic Leadership Charter School | NY | BBB- | Negative | Stable | Weakening demand profile in highly competetive market for students and expecations of more modest financial performance in the near-term | |||||||
Academy of Accelerated Learning | TX | BBB- | Negative | Stable | Negative enrollment trends leading to a deterioration of operating results and liquidity metrics. | |||||||
Achievement First Rhode Island | RI | BB+ | Stable | Negative | Strengthening demand profile leading to improved financial metrics and healthier MADS coverage | |||||||
American Heritage Charter Schools | CA | BBB- | Stable | Negative | Improved financial operations and successfully obtaining charter renewals for full funding. | |||||||
Arizona Autism Charter Schools | AZ | BB | Stable | Positive | Weakened pro forma financial metrics due to additional debt issuance. | |||||||
Austin Achieve Public Schools | TX | BBB- | Negative | Stable | Weakening financial metrics with expectations of continued operating pressures in fiscal 2024 and fiscal 2025 as a result of flat state funding. | |||||||
Avon Grove Charter School | PA | BBB- | Negative | Stable | Weaker credit profile that is anticiapted given new debt plans that would triple the school's total debt outstanding. | |||||||
Basis Schools, Inc. | AZ | BB | Positive | Stable | Consistently strong academic and demand metrics, improving operating performance and a reduction in negative unrestricted net assets. | |||||||
Berean Academy | AZ | BB | Negative | Stable | Four years of consecutive enrollment declines leading to uncertainty surrounding future operating performance | |||||||
Channing Hall Charter School | UT | BB | Positive | Stable | Improvements in the school financial profile led by a growing liquidity position and a moderating debt burden. | |||||||
Community Leadership Academy | CO | BB+ | Negative | Stable | Weakened financial profile following negative operating margins and MADS coverage of less than 1.0x in fiscal 2023 that are also projected for fiscal 2024. | |||||||
District of Columbia International School | DC | BBB | Positive | Stable | Strengthening financial profile as a result of enrollment growth and one-time funding | |||||||
Dr. Joseph F. Pollack Academic Center Of Excellence (PACE) | MI | BB | Negative | Stable | Enrollment declines that weakened financial performance and MADS coverage in fiscal 2023. | |||||||
Excel Academy Charter School | CO | BBB- | Negative | Stable | Consecutive years of enrollment declines in a competetive service area for students amid recent management turnover. | |||||||
Global Leadership Academy Charter School | PA | BB- | CW Negative | Stable | Trend of deficit operations resulting in dcoh and dsc covenant violations leading to short-term uncertainty regarding bondholder actions. | |||||||
Global Leadership Academy Charter School | PA | BB- | Negative | CW Negative | Trend of deficit operations and slim liquidy position leading to covenant violations in fiscal 2023. | |||||||
Great Oaks Legacy Charter School | NJ | BB+ | Stable | Positive | Modest financial performance and liquidity metics, coupled with anticipated debt plans for high school expansion. | |||||||
Hmong American Peace Academy | WI | BBB | Positive | Stable | Strengthened financial profile supported by trend of solid operating margins, MADS coverage and a robust liquidity position. | |||||||
Hope Community Academy | MN | B- | Stable | Negative | Fiscal improvements such that the school was in compliance with covenants in fiscal 2024, with expectations that compliance will continue in fiscal 2025. | |||||||
KIPP Nashville | TN | BBB | Positive | Stable | Steady enrollment growth and sustained healthy financial performance supporting stronger liquidity position | |||||||
KIPP North Star Academy | MN | BB- | Negative | Stable | Declining enrollment base that continues to shrink reflecting the school's weak market position. | |||||||
KIPP Philadelphia Charter School | PA | BB+ | Negative | Stable | Weakened liquidity and financial performance in fiscal 2023. | |||||||
LEAP Academy University Charter School | NJ | BB- | Positive | Stable | Improved liquidity and lease-adjusted MADS coverage, while sustaining a healthy enterprise profile amid challenging demographics | |||||||
Little Scholars Of Arkansas Foundation | AR | BB+ | Negative | Stable | Weakened fiscal 2023 operating performance leading to lower MADS coverage and unrestricted reserves | |||||||
Mater Academy Of Nevada, Inc. | NV | BB- | Stable | Positive | Weakened liquidity position and uneven fiscal performance in recent years, despite fiscal 2023 negative operating margins being attributable to timing issues with grants. | |||||||
Monticello Academy | UT | BB+ | Negative | Stable | Weakened liquidity metrics and operating performance in fiscal 2023 resulting in a DSC covenant violation | |||||||
Noble Academy | MN | BB | Positive | Stable | Robust cash position along with a trend of solid operations following recent school consolidation. | |||||||
North Star Academy Charter School Of Newark | NJ | BBB- | Positive | Stable | Enrollment growth resulting in operational stability, improved liquidity and a moderating debt profile. | |||||||
Odyssey Academy Inc. | TX | BB | Negative | Stable | Financial pressures leading to expected liquidity covenant violation in fiscal 2024. | |||||||
Old Redford Academy | MI | BB- | Negative | Stable | Continued enrollment declines creating near term budgetary pressures. | |||||||
Penn Hills Charter School of Entrepreneurship | PA | BB | Negative | Stable | Deteriorating full-accrual operating results and moderating liquidity postion | |||||||
Pinecrest Academy Of Nevada | NV | BB+ | Positive | Stable | Robust enrollment base following steady enrollment growth and moderating debt service burden | |||||||
Public Preparatory Charter Schools Academies* | NY | BBB | CWNegative | Stable | Uncertainty surrounding the network's planned school consolidation beginning in the Fall 2024 | |||||||
ResponsiveEd | TX | BBB | Stable | Positive | Softer operating results and lower MADS coverage in fiscal 2023 | |||||||
Rocklin Academies | CA | BB+ | Positive | Stable | Strengthened financial profile supported by solid operating performance and improved liquidty ratios. | |||||||
Scuola Vita Nuova Charter School | MO | BB+ | Stable | Positive | Enrollment declines that will likely translate to more modest financial performance in the near term. | |||||||
Tipton Academy | MI | BB | Positive | Stable | Improving margins, lease-adjusted MADS coverage and strengthening liquidity position | |||||||
Twin Cities German Immersion School | MN | BB | Stable | Negative | Financial improvements such that the school was in compliance with debt service covenants in fiscal 2024, with expectations that compliance will continue in fiscal 2025. | |||||||
Universal Academy | TX | BB- | Stable | Negative | Improved operating margins and favorable changes to management's growth strategy. | |||||||
Valor Collegiate Academies | TN | BBB- | Positive | Stable | Improvements in financial performance, growing liquidity and moderating debt combined with maintaining a strong enterprise profile. | |||||||
Victory Charter School | ID | BBB- | Stable | Positive | Increased debt burden following issuaning new debt and expectations of more modest MADS coverage in the near term. | |||||||
Vista College Preparatory | AZ | BB+ | Positive | Stable | Successful opening of two additional schools in fall 2023 and improved financial metrics. | |||||||
Footnotes: | ||||||||||||
MADS: Maximum annual debt service. | ||||||||||||
DCOH: Days' cash on hand. | ||||||||||||
DSC--Debt service coverage. |
Table 5
2024 U.S. Charter Schools Total Maintained Ratings | ||||||||
---|---|---|---|---|---|---|---|---|
Institution | State | Rating | Outlook | |||||
A+ Charter School Inc. | TX | BBB- | Stable | |||||
Academia Cesar Chavez | MN | BB | Stable | |||||
Academies of Math and Science | AZ | BB+ | Stable | |||||
Acero Charter School | IL | BB+ | Stable | |||||
Advanced Technology Academy | MI | BB+ | Stable | |||||
Albert Einstein Academies | CA | BB | Stable | |||||
Alliance for College-Ready Public Schools | CA | BBB | Stable | |||||
Alma del Mar Charter School | MA | BB | Stable | |||||
Athenian eAcademy | UT | BB | Stable | |||||
Avondale Meadows Academy | IN | BB | Stable | |||||
Ball Charter Schools | AZ | BBB- | Stable | |||||
Beatrice Mayes Institute | TX | BBB- | Stable | |||||
Ben Franklin Academy | CO | BBB- | Stable | |||||
Brighter Choice Charter School | NY | BB+ | Stable | |||||
Caliber Public Schools | CA | BBB- | Stable | |||||
Campus Community School | DE | BBB- | Stable | |||||
Castle Rock Lifelong Learning Center | CO | BBB | Stable | |||||
Chandler Park Academy | MI | BBB- | Negative | |||||
Cheyenne Mountain Charter Academy | CO | BBB- | Stable | |||||
Chicago Charter School Foundation | IL | BBB | Stable | |||||
Choices in Learning Elementary Charter School | FL | BBB- | Stable | |||||
Cityscape Schools Inc | TX | BBB- | Stable | |||||
Classical Charter Schools | NY | BBB- | Stable | |||||
Collegium Charter School | PA | BB | Stable | |||||
Community Of Peace Academy | MN | BBB- | Stable | |||||
Compass Academy Charter School | TX | BBB- | Stable | |||||
Cornerstone Charter Academy | NC | BBB- | Stable | |||||
Cornerstone Schools | FL | BB+ | Stable | |||||
DaVinci Academy of Science | UT | BBB- | Stable | |||||
Dayspring Academy For Education And Arts | FL | BB | Stable | |||||
Discovery Charter School | IN | BB- | Stable | |||||
Doral Academy Charter School | FL | BBB- | Positive | |||||
Dream Charter School | NY | BB+ | Stable | |||||
Eleanor Kolitz Hebrew Language Academy | TX | BBB- | Stable | |||||
Environmental Charter Schools | CA | BB+ | Stable | |||||
Equitas Academy Charter School | CA | BB+ | Stable | |||||
First Philadelphia Preparatory Charter School | PA | BB+ | Stable | |||||
First State Montessori Academy | DE | BBB- | Stable | |||||
Foundation Academy Charter School | NJ | BBB- | Stable | |||||
Freire Charter School Wilmington | DE | BB | Stable | |||||
Friends of Teaneck Community Charter School | NJ | BB | Stable | |||||
Friendship Public Charter School, Inc. | DC | BBB | Stable | |||||
George Washington Academy | UT | BBB- | Stable | |||||
Global Academy Inc. | MN | BB | Stable | |||||
Global Concepts Charter School | NY | BBB+ | Stable | |||||
Golden Rule Charter School | TX | BB+ | Stable | |||||
Granada Hills Charter School | CA | BBB | Stable | |||||
Grand Concourse Academy Charter School | NY | BBB- | Stable | |||||
GreatHearts Arizona | AZ | BBB | Stable | |||||
Green Dot Public Schools | CA | BBB- | Stable | |||||
Green Woods Charter School | PA | BB+ | Stable | |||||
Harmony Public Schools | TX | BBB+ | Stable | |||||
Hawking STEAM Charter School | CA | BB+ | Stable | |||||
Hawthorn Academy | UT | BBB | Stable | |||||
Hennepin Schools | MN | BB- | Stable | |||||
Holly Academy | MI | BB+ | Stable | |||||
Horizon Community Learning Center | AZ | BB+ | Stable | |||||
Horizon Montessori Public Schools | TX | BBB- | Stable | |||||
Hughen Center Inc d/b/a Bob Hope Charter School | TX | BBB- | Stable | |||||
Idaho Arts Charter School | ID | BBB- | Stable | |||||
IDEA Public Schools | TX | A- | Negative | |||||
IDEA Public Schools | TX | A- | Negative | |||||
Independence Academy | CO | BBB- | Stable | |||||
ICEF Public Schools | CA | BB | Negative | |||||
Inspired Teaching Demonstration Public Charter School | DC | BBB | Stable | |||||
International Academy of Flint | MI | BB | Stable | |||||
James Irwin Charter Schools | CO | BBB | Stable | |||||
John Adams Academy | CA | BB | Stable | |||||
Jubilee Academic Center | TX | BB+ | Stable | |||||
Jubilee Academic Center Inc. | TX | BB+ | Stable | |||||
Julian Charter School | CA | B+ | Stable | |||||
Karl G. Maeser Preparatory Academy | UT | BBB- | Stable | |||||
KIPP Capital Region | NY | BBB- | Stable | |||||
KIPP DC | DC | BBB+ | Stable | |||||
KIPP NYC | NY | BBB- | Stable | |||||
KIPP Texas | TX | BBB+ | Stable | |||||
Lake Norman Charter School | NC | BBB- | Stable | |||||
Lake Norman Charter School | NC | BBB- | Stable | |||||
Lakes International Language Academy | MN | BB+ | Stable | |||||
Las Americas ASPIRA Academy | DE | BB | Stable | |||||
Latin American Montessori Bilingual Public Charter School | DC | BB+ | Stable | |||||
Lee County Charter Schools | FL | BB | Stable | |||||
Legacy Preparatory Academy | UT | BBB- | Stable | |||||
Liberty Charter School | ID | BBB+ | Stable | |||||
Liberty Common Charter School | CO | BBB- | Stable | |||||
Life School of Dallas | TX | BBB- | Stable | |||||
Lifeline Education Charter School | CA | BB+ | Stable | |||||
Lincoln Academy | UT | BBB- | Stable | |||||
Littleton Preparatory Charter School | CO | BBB- | Stable | |||||
Magnolia Science Academy 1 | CA | BB | Stable | |||||
Mater Academy Of Nevada | NV | BB | Stable | |||||
Michigan Math & Science Academy | MI | BB+ | Stable | |||||
Milwaukee Academy of Science | WI | BBB- | Stable | |||||
Monument Academy | CO | BB | Negative | |||||
Mountain Island Charter School | NC | BBB- | Stable | |||||
Mountainville Academy | UT | BBB- | Stable | |||||
New Designs Charter School | CA | BB+ | Stable | |||||
New Vision Charter School | CO | BBB- | Stable | |||||
Newark Charter School | DE | BBB+ | Stable | |||||
Noah Webster Academy | UT | BBB- | Stable | |||||
Noble Network of Charter Schools | IL | BBB | Stable | |||||
North Star Academy | UT | BBB- | Stable | |||||
North Star Academy | CO | BBB- | Stable | |||||
North Star Academy of Newark | NJ | BBB- | Stable | |||||
Nova Academy | CA | BB | Stable | |||||
Odyssey Charter School | DE | BBB- | Stable | |||||
Orenda Education | TX | BBB- | Stable | |||||
Palm Beach School For Autism | FL | BB+ | Stable | |||||
Palmetto Scholars Academy | SC | BB | Negative | |||||
Paradise Schools | AZ | BB+ | Stable | |||||
Paramount School Of Excellence | IN | BB+ | Stable | |||||
Paterson Arts And Science Charter School | NJ | BBB- | Stable | |||||
Peak To Peak Charter School | CO | BBB+ | Stable | |||||
Philadelphia Electrical And Technology Charter High School | PA | BB | Stable | |||||
Pine Lake Preparatory | NC | BBB- | Stable | |||||
Pinecrest Academy, Inc. | FL | BBB | Stable | |||||
Pinnacle Charter School | CO | BBB- | Stable | |||||
Platte River Academy Charter School | CO | BBB- | Stable | |||||
Renaissance Academy Charter School | PA | BBB- | Stable | |||||
Renaissance Academy Charter School | PA | BBB- | Stable | |||||
Renaissance Arts Academy | CA | BBB- | Stable | |||||
Renaissance Public School Academy | MI | BB+ | Stable | |||||
Riverhead Charter School | NY | BBB- | Stable | |||||
Rocklin Academies | CA | BB+ | Stable | |||||
Ronald Wilson Reagan Academy | UT | BB | Stable | |||||
Sage International School of Boise | ID | BB+ | Stable | |||||
Sarasota School of Arts & Sciences | FL | BBB- | Stable | |||||
Ser-Ninos, Inc. | TX | BBB- | Stable | |||||
Seton Education Partners o/b/o Brilla Public Preparatory Charter Schools | NY | BB+ | Stable | |||||
Somerset Academy of Las Vegas | NV | BB | Stable | |||||
Spectrum High School | MN | BB+ | Stable | |||||
Springfield International Charter School | MA | BBB- | Stable | |||||
St Croix Preparatory Academy | MN | BB+ | Stable | |||||
STEM Preparatory Schools | CA | BBB- | Stable | |||||
Syracuse Arts Academy | UT | BBB- | Stable | |||||
Tapestry Charter School | NY | BB+ | Stable | |||||
Texas Leadership Charter Academy | TX | BB | Positive | |||||
The Elevate Academy, Inc. | ID | BB | Stable | |||||
The Higher Ground Academy | MN | BB+ | Stable | |||||
The Learning Choice Academy | CA | BBB- | Stable | |||||
Triad Math and Science Academy | NC | BBB- | Stable | |||||
Trillium Academy | MI | BB | Stable | |||||
Twin Peaks Charter Academy | CO | BB | Stable | |||||
University Laboratory School | CO | BBB- | Stable | |||||
Uplift Education Inc. | TX | BBB- | Stable | |||||
Value Schools | CA | BBB- | Stable | |||||
Venture Academy | UT | BBB- | Stable | |||||
Villa Montessori, Inc. | AZ | BBB- | Stable | |||||
Voyageur Academy | MI | B+ | Stable | |||||
Wallace Stegner Academy | UT | BB+ | Stable | |||||
Wasatch Peak Academy | UT | BBB- | Stable | |||||
West Philadelphia Achievement Charter Elementary School | PA | BB- | Negative | |||||
Western Academy Charter School | FL | BB | Stable | |||||
Woodbury Leadership Academy | MN | BB- | Stable | |||||
Xavier Public Charter School | ID | BBB | Stable | |||||
Footnotes: |
Related Research
- U.S. Charter School Rating Actions, Fourth-Quarter 2024, Jan. 17, 2025
- U.S. Local Governments 2025 Outlook: A Stable Start To The Year While Prospects Look Precarious, Jan. 8, 2025
- U.S. States 2025 Outlook: Eyes On Washington, Focus on Budgets, Jan. 7, 2025
- Economic Outlook U.S. Q1 2025: Steady Growth, Significant Policy Uncertainty, Nov. 26, 2024
- U.S. Charter Schools Sector Fiscal 2023 Medians: Healthy Financial Metrics Amid Looming Fiscal Cliff, June 25, 2024
- U.S. Charter Schools 2024 Outlook: Credit Stability, For Now , Jan. 17, 2024
This report does not constitute a rating action.
Primary Credit Analyst: | Ryan Miller, Dallas +1 2148711408; ryan.miller@spglobal.com |
Secondary Contacts: | Jessica L Wood, Chicago + 1 (312) 233 7004; jessica.wood@spglobal.com |
Luke J Gildner, Columbia + 1 (303) 721 4124; luke.gildner@spglobal.com |
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