...S&P Global Ratings revised its outlook to positive from stable and affirmed its '##+' long-term rating on the California Municipal Finance Authority's series 2012 and series 2015 charter school revenue bonds, issued for Santa Rosa Academy Inc. (SRA or the academy). The outlook revision is based on our view of the academy's growing unrestricted days' cash on hand, and consistently positive operations, which combined with the academy's already steady market position supports the potential for an upgrade. In our view, the academy's strengthening liquidity, cash flow, and coverage provides an offset for its above-average debt burden; should overall trends continue, we could consider raising the rating over the outlook period. We assessed the academy's enterprise profile as strong, characterized by a long institutional tenure, successful charter renewals, steady enrollment (including homeschoolers), robust wait lists, and a stable management team. We assessed the academy's financial profile...
