Standard&Poor's Ratings Services affirmed its 'BBB-' long-term rating on Advanced Tech Academy (ATA), Mich.'s series 2008 revenue bonds. The outlook is stable. The rating affirmation reflects our view of ATA's generally positive operating performance, with surpluses in each of the past three fiscal years, growing enrollment, a stable demand profile, and adequate but slim maximum annual debt service (MADS) coverage. While the academy's fiscal 2013 budget reflects an operating deficit that would result in inadequate MADS coverage, we understand from management that they have prepared a very conservative budget for revenue and expense. Management expects financial performance and coverage for fiscal 2013 to be in line with historical results. We also understand that ATA plans to open a
