OREANDA-NEWS. S&P Global Ratings lowered its rating to 'B-' from 'B' on the New Jersey Economic Development Authority's series 2013A (tax exempt) and 2013B (taxable) charter school revenue bonds issued for BWP School Partners LLC (BWP LLC) on behalf of Lady Liberty Academy Charter School (LLACS). The outlook is negative.

"The lowered rating reflects our view of the school's trend of rapid cash spend-downs and unstable management," said S&P Global Ratings credit analyst Debra Boyd, "while the negative outlook reflects our view that the school's credit could worsen in the next year, given the charter's continued placement on probationary status by the State of New Jersey Department of Education and the risk of charter revocation."

Lady Liberty is a grade K-8 public charter school in the Vailsburg section of Newark. The series 2013 bonds were used to renovate the Vailsburg facility and allowed it to move from its original Harrison location to its current Vailsburg location at the start of the 2014-2015 year.