BRADENTON, Fla. — Standard & Poor’s has plunged the investment-grade rating of an 11-year-old charter school in Boynton Beach, Fla., well into junk territory.

The rating downgrade to B from BBB-minus comes just a year after $9 million of tax exempt and taxable bonds were sold by the city of Boynton Beach on behalf of the Charter Schools of Boynton Beach. Bond proceeds were used to purchase 2.9 acres of land and a 28,300-square-foot, two-story building in a commercial office park.

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