Standard&Poor's Ratings Services affirmed its 'BB' long-term rating on the California Municipal Finance Authority's series 2012 charter school revenue bonds, issued for Santa Rosa Academy Inc. (SRA). The outlook is stable. The rating reflects our view of SRA's increasingly strong demand profile, as demonstrated by a history of significant enrollment growth and a sizable waitlist, a growing liquidity position, and a trend of wide operating margins for the sector. Although construction is near complete for SRA's new campus, we believe that the school maintains a sound contingency plan that incorporates the unique ability to leverage its independent study curriculum and continue to operate out of the existing facility on a short-term basis. Furthermore, management has remained stable since
