CHAD Bonds Receive Investment Grade Rating
S&P Awards CHAD Strong Ratings for Bond Issue
Standard & Poor’s Ratings Services has assigned its investment-grade ’BBB-’ long-term rating to Charter High School for Architecture + Design (CHAD) PA’s series 2013 charter school revenue bonds, issued for The Designing Futures Foundation (Foundation) by the Philadelphia Authority for Industrial Development. The outlook is stable.
The ‘BBB-’ rating and outlook reflect the agency’s view of CHAD & DFF as achieving:
–good operating performance;
–good pro forma maximum annual debt service (MADS) coverage;
–stable demand trends; and
–adequate liquidity as measured by unrestricted days’ cash on hand.
The outlook on the bonds is stable and reflects our view of the unique curriculum, adequate demand, and adequate financial performance.
CHAD was established in 1999 by The American Institute of Architects (AIA) Philadelphia as the chapter’s Legacy Project for hosting the AIA’s 2000 National Conference. CHAD is the first charter high school for architecture & design in the country. The school opened in 1999 with approximately 400 students in grades ninth through eleven, with current enrollment exceeding 600 students in grades ninth through twelve. Most of the students reside in the City of Philadelphia. CHAD is located in one single-site building located in Center City Philadelphia, one block from Independence Hall. The building is owned by the Foundation which leases classroom and administrative space to the school.
The School and Foundation contract with Santilli & Thomson, a professional services firm that provides financial management, building management, various financial services, such as budget preparation, cash management, and financial accounting and reporting.