Compass Public Charter School, ID Debt Rating Lowered To #BB# On Criteria Review, Increased Spending

Stocks and Financial Services Press Releases Tuesday September 19, 2017 09:01
CHICAGO--19 Sep--S&P Global Ratings

CHICAGO (S&P Global Ratings) Sept. 18, 2017--S&P Global Ratings lowered to 'BB' from 'BB+' its long-term rating on the Idaho Housing and Finance Assn.'s series 2010A tax-exempt nonprofit facilities revenue bonds and 2010B taxable nonprofit facilities revenue bonds, issued for Compass Public Charter School (Compass). The outlook is stable. "We lowered the rating based in part on our 'U.S. Public Finance Charter Schools' methodology and our view of increased programmatic expenses in anticipation of further growth," said S&P Global Ratings credit analyst Bobbi Gajwani. The increased spending has pressured performance and coverage and likely will lead to a further softening in fiscal 2018.

We assessed Compass' enterprise profile as adequate, characterized by enrollment growth while maintaining high academic quality, a satisfactory waitlist and a high student retention rate. Management has carefully managed its growth without compromising class size or academic quality by investing in programmatic expenses ahead of enrollment growth. While the school received a grant which helped to offset some of the expenses associated with the expansion, financial performance weakened nonetheless.

We assessed Compass' financial profile as vulnerable, with low total revenues, thinning coverage, and liquidity that is more in line with 'BB' medians. We believe that combined these lead to an indicative stand-alone credit profile of 'bb' and a final rating of 'BB'. Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors, have specific meanings ascribed to them in our criteria, and should therefore be read in conjunction with such criteria. Please see Ratings Criteria at for further information. Complete ratings information is available to subscribers of RatingsDirect at and at All ratings affected by this rating action can be found on the S&P Global Ratings' public website at Use the Ratings search box located in the left column.

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