...S&P Global Ratings affirmed its '##' rating on Advanced Technology Academy (ATA), Mich.'s series 2008 revenue bonds. The outlook is stable. We assessed ATA's enterprise profile as adequate, characterized by a generally stable demand profile with flat enrollment, a limited waitlist, academics that compare well locally, and a solid charter standing. We assessed ATA's financial profile as vulnerable, with an extremely weak liquidity profile, which is partly offset by good coverage levels and a manageable debt burden. We believe that, combined, these credit factors lead to an indicative stand-alone credit profile of '##' and a final rating of '##'. In our opinion, the '##' rating on the bonds further reflects the risks associated with the school's very low liquidity and continued reliance on short-term borrowing. The '##' rating reflects our view of the academy's: + The academy's consistently weak liquidity with 23 days' cash on hand as of fiscal 2017, and a little bit more in fiscal 2018,...
