Spectrum High School, MN 2017A-B Bond Rating Outlook Revised To Negative On Projected Weaker Financial Performance

CHICAGO (S&P Global Ratings) Jan. 31, 2019--S&P Global Ratings revised its 
outlook to negative from stable and affirmed its 'BBB-' long-term rating on 
Bethel, Minn.'s series 2017A and 2017B bonds, issued for Spectrum High School 
(Spectrum) on behalf of Spectrum Building Co.

"The negative outlook reflects our expectation that Spectrum will have weaker 
financial performance in fiscal 2019 and future years based on projections 
provided by management and its intention to operate on leaner margins," said 
S&P Global Ratings credit analyst Natalie Fakelmann. "Coupled with the 
school's modest liquidity relative to peers at this rating level and its 
elevated debt burden, we believe the financial profile could deteriorate to 
levels more consistent with a lower rating within the two-year outlook 

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