The 'B' Standard&Poor's underlying rating (SPUR) on Chester County Industrial Development Authority, Pa.'s revenue bonds, issued for the Collegium Charter School, has been affirmed. Credit factors include: Overall deterioration of the financial position, caused primarily by enrollment levels that fall short of initial projections due to high attrition rates; A need to continue to increase enrollment in order to meet debt service requirements; A small waiting list that holds little potential for generating additional students without a successful new marketing campaign; The potential for competition from new charter schools; The short operating history of the school; and The inherent risk associated with the charter school, including the risk of nonrenewal or revocation of the charter, along with the
