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As such, under Fitch criteria, debt service coverage (TMADS, or maximum annual debt service excluding a final bullet maturity) is now calculated including all financed schools.
The TMADS burden has remained fairly level the past three years at a high 14%.
ACHIEVEMENT OF FINANCIAL METRICS: Improvement in Pinellas Prep's operating performance yielding improved TMADS coverage and growth in balance sheet resources could lead to an upgrade.
TMADS consumed a high 12% of the schools' combined fiscal 2017 operating revenues of $6 million.
TMADS of about $660,000 represented nearly 28% of fiscal 2017 operating revenues, up from 20.6% in fiscal 2016.
TMADS was 8.4% of fiscal 2015 operating revenues, somewhat improved from a five-year average of 10.3%, but still high.
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- TMA TFMS
- TMAC Technical Evaluation Program Office