S&P Global Ratings revised its outlook to stable from negative and affirmed its 'BB+' long-term rating on the Colorado Educational&Cultural Facilities Authority's series 2008 and series 2013 charter school revenue bonds, issued for Community Leadership Academy Building Corp. and Community Leadership Building Corp. II, respectively, on behalf of Community Leadership Academy (CLA). The revised outlook reflects our opinion that CLA?s operating margin has improved in fiscal 2024 and will remain generally balanced in the near term, maintaining the school's lease-adjusted maximum annual debt service (MADS) coverage above 1.0x and its liquidity position. CLA's series 2008 and series 2013 bonds were issued by two separate building corporations, both of which CLA established to hold title to and finance property
