#Global outreach charter academy series

Though future years' coverage is stronger, with a pro-forma expectation of 1.2x coverage by 2022, this is largely dependent on GOCA meeting enrollment growth assumptions. Coverage is weak when one-time revenues are excluded from fiscal 2021 operations. The rating also reflects a just-satisfactory cash position of roughly 100 - 110 days' cash on hand expected for fiscal 2021. The Ba2 rating reflects the GOCA's below average academic performance, somewhat offset by its largely English as a second language demographic - a niche student base in the service area that has bolstered enrollment. GOCA has provided a pledge of all its available revenue under the loan, as well as a mortgage lien on the school's real property to bondholders. (the 'Sole Member'), a Florida 501c3 not-for-profit corporation, (herein 'the school' or 'GOCA').

The bonds will be issued by the Florida Development Finance Corporation with proceeds loaned to GOCA Properties, LLC (the 'Borrower'), a Florida limited liability company, the sole member of which is Global Outreach Charter Academy, Inc.

#Global outreach charter academy series

New York, - Moody's Investors Service has assigned an initial Ba2 rating and stable outlook to Florida Development Finance Corporation's $22.92 million Educational Facilities Revenue Bonds (Global Outreach Charter Academy Project), Series 2021A and $1.08 million Educational Facilities Revenue Bonds (Global Outreach Charter Academy Project), Taxable Series 2021B.