Standard&Poor's Ratings Services affirmed its 'BBB-' long-term rating on Newark Cultural Education Facilities Finance Corp. Texas' tax-exempt series 2012A and taxable 2012B public school academy lease revenue bonds, issued for A.W. Brown Fellowship Leadership Academy (A.W. Brown). The outlook is stable. The ratings reflect our view of A.W. Brown's strong enrollment growth and demand trends since 2011, historically positive operating performance, a net surplus expected for fiscal 2015, and deep unrestricted liquidity position. Constraining the rating is the moderate deficit, the high balance sheet leverage, and the thin but adequate maximum annual debt service (MADS) coverage of 1.1x, based on fiscal 2014 results. School management is currently evaluating a four-year expansion plan to include a high school as
