Standard&Poor's Ratings Services assigned its 'BBB-' rating, and stable outlook, to Colorado Educational and Cultural Facilities Authority's series 2004 charter school revenue refunding bonds, supported by Platte River Academy Charter School. The rating reflects the credit characteristics inherent to charter schools, including: Risk of nonrenewal, Charter revocation, or Decreases in demand. Sufficiently offsetting these weaknesses are: The charter school's ability to cover future debt service with current student enrollment, coupled with a budget flexibility that allows enrollment to decline by about 20 full-time equivalent students, or about 4%, and still meet debt service requirements; A strong and positive environment for charter schools in Colorado, which is demonstrated through a supportive legal framework and stable financial arrangements; A positive
