May 6, 2012

Standard & Poor's gives SABIS International Charter School a high credit rating

Standard & Poor's Ratings Services published a report on May 03, 2012 affirming its 'BBB' long-term rating on Massachusetts Development Finance Agency's series 2009 revenue bonds issued for SABIS International Charter School (SICS).  The report states that the outlook on the rating is stable.

Abstract: The rating affirmation reflects our view of SICS' continued positive operating performance, solid demand profile, and strong management team, combined with liquidity and coverage metrics for fiscal 2011 that are adequate for the rating category. More specifically, the 'BBB' rating reflects our view of the school's: Strong demand profile, including good enrollment history and demand for services; Historically stable financial operations, with consistent surpluses recorded; Good maximum annual debt service (MADS) coverage of 1.5x as of June 30, 2011 (audited fiscal year-end); Standardized test scores that...

The Standard & Poor's rating scale is as follows, from excellent to poor: AAA, AA+, AA, AA-, A+, A, A-, BBB+, BBB, BBB-, BB+, BB, BB-, B+, B, B-, CCC+, CCC, CCC-, CC, C, D. Anything lower than a BBB- rating is considered a speculative or junk bond.


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