Standard&Poor's Ratings Services revised its outlook to negative from stable and affirmed its 'BBB-' long-term rating on Advanced Tech Academy (ATA), Mich.'s series 2008 revenue bonds. The outlook revision reflects our view of ATA's significant enrollment decline in fall 2014 and the school's weak liquidity levels of just 19 days' cash on hand as of fiscal 2014. Factors precluding a downgrade include our view of school's long operating history, solid maximum annual debt service (MADS) coverage of 1.6x as of fiscal 2014, good academic performance, and a stable management team. The school is currently operating under a charter that extends until 2017, and the school's authorizer, Lake Superior State University, confirms that the school is in good standing
