Standard&Poor's Ratings Services assigned its 'BBB-' long-term rating to Newark Cultural Education Facilities Finance Corp., Texas' tax-exempt series 2012A and taxable 2012B public school academy lease revenue bonds issued on behalf of A.W. Brown Fellowship Charter School (A.W. Brown). The outlook is stable. The 'BBB-' rating reflects our view of A.W. Brown's historically acceptable operating results and light but stable liquidity relative to outstanding and pro forma debt. The rating also reflects our opinion of the general credit risks associated with all charter schools, including the need to renew the charter during the life of the bonds; potential changes in per-pupil state, federal, and local funding; the competition and maintenance of student enrollment at a level sufficient to
