S&P cuts W. Philadelphia Achievement Charter Elementary School revs

Tue Nov 6, 2012 12:17pm EST

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Nov 6 (Reuters) - Standard & Poor's Ratings Service said on Tuesday it cut West Philadelphia Achievement Charter Elementary School's revenue bonds to BB-plus from BBB-minus, affecting about $7.45 million of debt.

The bonds issued by the Philadelphia Authority for Industrial Development were cut to junk status reflecting weaker academic performance and greater enrollment levels exceeding the charter cap that presents a risk to future charter renewal, the rating agency said in a statement.

The rating agency said the downgrade also reflects its concerns about the school's academic performance.

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