STRIDE Academy, MN Lease Revenue Bond Outlook Revised To Stable From Negative On New Authorizer Potential

Stocks and Financial Services Press Releases Friday February 9, 2018 08:32
NEW YORK--9 Feb--S&P Global Ratings

NEW YORK (S&P Global Ratings) Feb. 8, 2018--S&P Global Ratings revised its outlook to stable from negative and affirmed its 'CCC-' long-term rating on St. Cloud, Minn.'s series 2016A and series 2016B lease revenue bonds, issued for STRIDE Academy (Stride or the academy).

"The revised outlook reflects our view of the increased potential that a five-year authorization may be granted from a new authorizer, pending state approval," said S&P Global Ratings credit analyst Kaiti Wang. "The affirmation of the rating at the 'CCC-' level reflects our expectation that Stride will continue to face severe operational pressure for the remainder of this fiscal year with draws on its cash reserves in order to meet its debt obligations," Ms. Wang added. We anticipate fiscal 2018 results to be in violation of financial covenants as well following violations in fiscal 2017.

The academy commenced operations in fall 2005. It served kindergarten through eighth grade (K-8) in one facility in St. Cloud, Minn. It had 705 students in fall 2016, and enrollment was down to 680 students at the end of the school year. About 300 students are enrolled in K-6 for fiscal 2018. 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 www.standardandpoors.com for further information. Complete ratings information is available to subscribers of RatingsDirect at www.capitaliq.com.

All ratings affected by this rating action can be found on the S&P Global Ratings' public website at www.standardandpoors.com. Use the Ratings search box located in the left column.

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