NEW YORK, Jan. 28, 2026 /PRNewswire/ -- The Equitable School Revolving Fund (ESRF) — a pooled charter school loan program administered by Equitable Facilities Fund (EFF) — has been upgraded by S&P Global Ratings from A with a positive outlook to A+ with a stable outlook. This upgrade reflects the program's continued operational excellence and strong financial performance, and further validates EFF's leadership in expanding access to affordable facilities financing for high-performing charter schools.
As the program administrator of ESRF, EFF plays a central role in structuring, underwriting, and managing the portfolio of loans that support charter school facilities nationwide. Over the last six years, ESRF has issued multiple bond series to recapitalize EFF's revolving loan platform, enabling EFF to provide critical capital to schools that otherwise face a steep disadvantage in accessing equitable financing compared with traditional public school districts.
Anand Kesavan, Founder & CEO, said:
"S&P's upgrade of ESRF to A+ is an important affirmation of how we administer this program and fulfill our mission. It reflects disciplined execution, strong underwriting, and a portfolio that has delivered consistent performance in support of high-impact charter schools."
In its ratings action, S&P highlighted several strengths of the ESRF structure, including:
Importantly, S&P's upgrade is predicted to strengthen ESRF's attractiveness to capital markets investors, thereby enhancing EFF's ability to raise cost-effective capital on behalf of charter schools. This dynamic would enable EFF to continue scaling its national lending platform and provide additional affordable capital to schools serving historically underserved communities. The upgrade coincides with ESRF's upcoming bond issuance, scheduled for February 2026. The organization is currently seeking to issue approximately $275M of fixed-rate, senior lien 'A+' rated bonds to support lending through 2026. ESRF expects to pledge its largest and highly diverse loan portfolio with 115 loans totalling $1.9B across 24 states.
S&P's stable outlook on the upgraded rating underscores its view that the program's diverse, well-managed, and mission-aligned portfolio is positioned for sustained performance over time.
Kesavan noted:
"The real beneficiaries of this upgrade are the schools we serve. More efficient access to capital means lower costs for schools, freeing up resources to invest directly in student success and long-term sustainability."
About Equitable Facilities Fund
Equitable Facilities Fund (EFF) is a nonprofit social impact fund dedicated to providing fixed-rate, affordable facilities financing to high-quality charter schools nationwide. Since its inception, EFF has deployed $1.9 billion in financing to support schools serving predominantly low-income students and communities of color.
EFF serves as the program administrator of the Equitable School Revolving Fund (ESRF), a pooled bond program designed to help charter schools access capital.
About Equitable School Revolving Fund (ESRF)
The Equitable School Revolving Fund (ESRF) is a pooled revenue bond financing program that supports the charter school facilities market by issuing investment-grade bonds backed by a diversified portfolio of high-credit charter school facility loans. ESRF's bonds are structured to attract institutional investors seeking long-term, socially impactful investment opportunities to support equitable access to capital for charter schools.
Media Contact:
Elliott Nguyen
elliott@eqfund.org
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SOURCE Equitable Facilities Fund
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