BRADENTON, Fla. — In a rapid fall from grace, the popular Fulton Science Academy Inc. in Georgia has seen its BBB investment-grade rating plummet to CC less than seven months after issuing $19 million of bonds.

Fitch Ratings dropped the rating five notches on Monday, citing a high probability of default following the Georgia State Board of Education’s decision to deny FSA’s application to become a state charter school.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.