WESLACO, Texas, Oct. 9, 2019 /PRNewswire/ -- IDEA Public Schools
(IDEA) announced today its bond rating has been upgraded to an 'A-'
from 'BBB+' from the bond rating agency, S&P Global (S&P),
the highest unenhanced bond rating for a charter school nationally.
The bond rating signifies the credit-worthiness of IDEA with
S&P noting IDEA's strategic approach, high academic results,
solid operating margins, sophisticated management team, and
national brand recognition as key strengths.
IDEA is the fastest growing and largest charter school network
in the country based on enrollment. They have continued to expand
with double-digit annual growth over the last 10 years and a solid
wait list. Beginning in the Rio Grande Valley as a single-site
charter school, today, IDEA has 96 schools and an enrollment of
more than 53,000 students. They have achieved 100 percent college
acceptance and matriculation for 13 consecutive years, which
S&P viewed as a favorable market demand factor allowing IDEA to
raise more money for its current expansion.
"We are very proud of being the first charter school to
attain this high of an unenhanced rating," said CFO Wyatt Truscheit. "Over the past few years, our
team has been focused on ensuring not only our financial metrics
are aligned with our growth strategy, but also our management team,
scale, student academics, and fundraising. These factors all played
a role in us finally breaking through the 'B' credit rating
category."
S&P's rating outlook was stable, noting that IDEA would
maintain a steady financial profile due to its strategic financial
practices, conservative modeling and flexibility despite an
aggressive expansion planned over the next two years. S&P also
anticipates the school's "demand profile will continue to reflect
very strong academics and increasing enrollment."
IDEA will be issuing an estimated $213
million in bonds to fund the development of multiple
campuses including 20 new schools in the Rio Grande Valley,
San Antonio, Austin, El
Paso, Tarrant County, and
Houston regions for fall of
2020.
ABOUT IDEA - IDEA Public Schools is a family of 96
tuition-free public schools that serve more than 53,000 students
across Texas and Louisiana. IDEA believes a quality K – 12
public education is the key to success in college and life. For the
past 19 years, IDEA has been committed to seeing each child to and
through college and goes the extra mile to make sure every student
realizes their own potential.
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SOURCE IDEA Public Schools