CHICAGO (Standard&Poor's) Nov. 30, 2005--Standard&Poor's Ratings Services has lowered its rating on Chester County Industrial Development Authority, Pa.'s revenue bonds, issued for the Collegium Charter School, to 'B' from 'BBB-', reflecting a large drop in enrollment that has affected debt service coverage and resulted in additional draws on the school's already-thin financial position. Debt service coverage in fiscal 2005 (unaudited) was 0.34x; actual audited financial results in fiscal 2004 show a financial loss, compared with unaudited positive financial results provided by the school at the time of the initial rating. The outlook is negative. Additional credit concerns include the overall deterioration of the financial position, caused primarily by enrollment levels that are falling short of initial
