S&P Upgrades Orbital Client Two Levels w/ Positive Outlook

Engaged to turn around the school's finances, Orbital's work led to consecutive upgrades of the school's bond debt from Standard & Poor's with the most recent upgrade moving up two levels. Significant improvement in all financial metrics also allowed Orbital, acting as the client's bond council, to refinance the school's debt and lower their cost of capital. Refinancing allowing the school to direct more resources to student outcomes.

S&P Global Ratings raised its rating to ‘B+’ from ‘B-‘ on the Indiana Finance Authority's series 2009A educational facilities revenue bonds, issued for Irvington Community Schools Inc. (ICS). The outlook is positive.

The rating reflects our view of the consistent progress of ICS toward removal of the improvement designation from its authorizer. Additionally, the improvement of ICS’ financial profile metrics including maximum annual debt service coverage, unrestricted days’ cash on hand, and excess margins for the past two audited years also support the upgrade. We also anticipate that ICS will observe fiscal year 2018 audited performance similar to fiscal year 2017, resulting in a sustained trend over the next year.