Standard&Poor's Ratings Services assigned its 'BB' long-term rating to the Michigan Finance Authority's series 2011 public school academy limited obligation revenue bonds issued on behalf of Voyageur Academy (Voyageur). The outlook is stable. The 'BB' rating reflects our view of the academy's: Challenging state and local economic environment marked by budget shortfalls, rising unemployment, and associated population declines; Historical operations, that when adjusted for one-time revenues and expenses, do not cover pro forma maximum annual debt service (MADS); Rapid and substantial enrollment growth that is partially dependent on participating consortium schools and necessary to generate MADS support of at least 1.0x; Limited revenue pledge restricting the use of per-pupil state aid to no more than 20% of that
