...Standard & Poor's Ratings Services revised its outlook to positive and affirmed its '##' long-term rating on the California Municipal Finance Authority's series 2012 charter school revenue bonds, issued for Santa Rosa Academy Inc (SRA). At the same time, Standard & Poor's assigned its '##' long-term rating to the authority's series 2015 charter school revenue bonds, issued for SRA. The positive outlook reflects our view of SRA's compiled financials for fiscal 2015, which management provided to us subsequent to our last review, that reflect better than anticipated results on a full-accrual basis. Additionally, when taking into consideration the amount and structure of the series 2015 bonds, SRA's balance sheet, and debt metrics in particular, are not as weak on a pro forma basis as we anticipated. The series 2015 bonds will fund the acquisition, construction, improvement, renovation and equipment of:...
