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.
SOURCE IDEA Public Schools