California School Finance Authority — Moody’s affirms Baa3 on Summit Public Schools Obligated Group, CA’s revenue bonds; outlook revised to stable

Ranking Action: Moody’s affirms Baa3 on Summit Community Universities Obligated Team, CA’s income bonds outlook revised to stableGlobal Credit history Investigate – 14 Feb 2022New York, February 14, 2022 — Moody’s Buyers Company has affirmed the Baa3 score on Summit Public Schools Obligated Team, CA’s Constitution Faculty Revenue Bonds (Summit Community Educational facilities – Obligated Team) Sequence 2017. Concurrently, Moody’s has revised the outlook to steady from destructive. The rating and revised outlook have an affect on somewhere around $23.8 million in remarkable income bonds.Rankings RATIONALEThe Baa3 score displays university student enrollment approaching full enrollment at the two obligated team educational institutions supported by the opening of Denali’s new high university in the fall of 2020, the narrow funds of the obligated educational institutions with personal debt assistance coverage bolstered by pledged management costs of the house workplace, and reduced leverage next a $5 million early defeasance of credit card debt in fiscal 2021. The rating also incorporates the receipt of sizeable federal a person-time grants approaching $15 million for the group, which has served to stabilize economic performance of the obligated team supplied revenue and enrollment declines in fiscal 2021 stemming from a reduction in contributions and the coronavirus pandemic.Ranking OUTLOOKThe secure outlook displays the likelihood that enrollment at the two obligated schools will increase toward full enrollment supported by graduation premiums and academic general performance that exceed point out averages. The outlook also incorporates the expectation that economical operations at equally of the obligated team educational facilities will become self-supporting.Factors THAT COULD Guide TO AN Improve OF THE Rating- Attainment and maintenance of self-supporting functions at equally of the obligated team schools- Recurring comprehensive enrollment at the two faculties with favorable waitlist- Debt services coverage and liquidity that strongly exceeds historic figuresFACTORS THAT COULD Lead TO A DOWNGRADE OF THE Rating- Continued enrollment and income declines outdoors of one-time grants- Weakened credit card debt company coverage or liquidity- Soaring aid of network college operations by Summit’s property officeLEGAL SECURITYLease payments from Obligated Group users to the Local community Superior School Basis, a California nonprofit company, signify the source of repayment less than the Personal loan Settlement. Two educational facilities alongside with Summit’s house place of work characterize users of the Obligated Team for the Series 2017 bonds: Summit Shasta and Summit Denali higher college. The House Business revenues are derived from the management rate SPS expenses its member universities, which equals 14.5% of state apportionment revenues of ten community schools located in California and Washington, as very well as philanthropic contributions. Serving as a credit score toughness, payment obligations less than different leases with every single member of the Obligated Group are cross-collateralized, and the Trustee is authorized to cost added rents to possibly Obligated Team member if expected.PROFILESummit Public Educational institutions Obligated Team is a constitution management corporation started in 2003 with 1 college, which has because expanded to 10 schools all through the California Bay Region and Washington Condition serving grades 6-12. Whole method enrollment for educational calendar year 2021 – 2022 equals 4,340. Prior to the pandemic in fiscal 2019, Summit Public Educational facilities claimed an enrollment of 4,453. Shasta higher school serves 458 students in Daly City, and Denali substantial faculty serves 377 learners in grades 9-12 in the Metropolis of Sunnyvale.METHODOLOGYThe principal methodology applied in this score was US Charter Colleges revealed in September 2016 and available at–PBM_1039451. Alternatively, please see the Score Methodologies site on for a copy of this methodology.REGULATORY DISCLOSURESFor further more specification of Moody’s key rating assumptions and sensitivity assessment, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure type. 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