Standard&Poor's Ratings Services affirmed its 'A' underlying rating on Chester County Industrial Development Authority, Pa.'s educational facility revenue bonds, series 2002, issued for the Westtown School. The outlook is stable. The rating reflects our view of the school's: Strong financial resources, with expendable funds of $50 million as of June 30, 2010, or 223% of operation expenses and 365% of debt outstanding; Adequate demand characteristics, with a 60% acceptance rate for fall 2010 and good student quality; and Manageable debt, at $13.7 million and maximum annual debt service (MADS) at 4.7%. We believe offsetting factors include high tuition dependence (84% of total revenues), along with declining enrollment in falls 2008-2010, weaker-but-balanced operating performances in fiscals 2009 and 2010,
