...S&P Global Ratings raised its rating on Advanced Technology Academy (ATA), Mich.'s series 2019 public school academy refunding bonds to '##+' from '##'. The outlook is stable. The higher rating reflects our view of ATA's financial profile, which has strengthened notably over the past few fiscal years, now reflecting a track record through fiscal year 2021 (audited) of positive operating performance, sustained improvement in maximum annual debt service (MADS) coverage, and sufficient organic growth in days' cash on hand. The improvement in financial metrics, combined with the school's good enrollment and demand, and its stable management team provide cushion at the current rating. For fiscal year 2022, we expect ATA will sustain its financial profile, given continued per-pupil funding increases, growth in enrollment for fall 2021, expectations to continue growing reserves, and management's conservative budgeting practices. In addition, we understand the school is currently working with Lake...
