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The Outlook For Charter School Ratings IsNegative Generally, A New Report Says
Primary Credit Analysts:
Jessica A Matsumori, San Francisco (1) 415-371-5083; jessica.matsumori@standardandpoors.comLaura A Kuffler-Macdonald, New York (1) 212-438-2519;laura.kuffler.macdonald@standardandpoors.comSharon A Gigante, New York (1) 212-438-2008; sharon.gigante@standardandpoors.comKarl Propst, Dallas (1) 214-871-1427; karl.propst@standardandpoors.com
Secondary Contacts:
Avani K Parikh, New York (1) 212-438-1133; avani.parikh@standardandpoors.comRobert D Dobbins, CPA, San Francisco (1) 415-371-5054; robert.dobbins@standardandpoors.com
Media Contact:
Alex Ortolani, New York; alex.ortolani@standardandpoors.com
SAN FRANCISCO (Standard & Poor's) Feb. 24, 2014—Standard & Poor's RatingsServices said, in a report published today on RatingsDirect, that because of anumber of factors affecting the charter school sector in the U.S., ratingswill likely trend negative overall in 2014.The report, "The U.S. Charter School Outlook Is Still Negative In 2014," notesthat the sophistication and depth of a charter school's management team willbe one of the main determining factors in how well schools will be able tonavigate the various financial, legislative, and curriculum changes that thesector is facing."Despite overall growth and continued maturation of the sector, charterschools have limited flexibility to withstand difficult operating conditions,resulting in volatile rating activity," said Standard & Poor's credit analystJessica Matsumori.Charter schools operate in an inherently uncertain environment, with chartersusually good for only about five years. They are typically limited in terms of
WWW.STANDARDANDPOORS.COM/RATINGSDIRECTFEBRUARY 24, 2014 1
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enterprise and financial flexibility, which constrains ratings and, indifficult times, presents a greater possibility of downgrades than for publicor independent schools, the report also notes.The reports are available to subscribers of RatingsDirect atwww.globalcreditportal.com and at www.spcapitaliq.com. If you are not aRatingsDirect subscriber, you may purchase copies of these reports by calling(1) 212-438-7280 or sending an e-mail toresearch_request@standardandpoors.com. Ratings information can also be foundon Standard & Poor's public Web site by using the Ratings search box locatedin the left column at www.standardandpoors.com. Members of the media mayrequest copies of these reports by contacting the media representativeprovided.
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The Outlook For Charter School Ratings Is Negative Generally, A New Report Says

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