Standard&Poor's Ratings Services assigned its 'BBB-' long-term rating to Arlington Higher Education Financial Corp., Texas' series 2014A and 2014B fixed-rate education revenue refunding bonds and series 2014A variable-rate education revenue refunding bonds, issued for A.W. Brown Fellowship Charter School. We also affirmed our 'BBB-' rating on A.W. Brown's 2012A and 2012B education revenue bonds. The outlook is stable. The ratings reflect our view of A.W. Brown's strong enrollment growth trends, historically positive operating performance, and deep unrestricted liquidity position. Constraining the rating is the thin, but adequate pro forma maximum annual debt service (MADS) coverage of 1.1x, based on fiscal 2013 results. In addition, the rating takes into account the uncertainty that surrounds future expansion plans that require
