...S&P Global Ratings assigned its '##' rating to Advanced Technology Academy (ATA), Mich.'s series 2019 public school academy refunding bonds. At the same time, S&P Global Ratings affirmed its '##' rating on ATA's series 2008 revenue bonds. The outlook is stable. We assessed ATA's enterprise profile as adequate, characterized by fluctuating enrollment, a limited waitlist, better academics than local competitors, and a solid charter standing. We assessed ATA's financial profile as vulnerable, with an extremely weak liquidity profile, which is partly offset by elevated pro forma coverage levels which we expect to moderate and a relatively low pro forma 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...
