S&P Global Ratings affirmed its'BB+'long-term rating on the California Municipal Finance Authority's series 2015 and series 2022 charter school lease revenue and refunding bonds, issued for Santa Rosa Academy Inc. (SRA or the academy). The outlook is stable. As of June 30, 2025, SRA had about $30.6 million in total debt outstanding, consisting of the series 2015 and series 2022 bonds. The series 2022 bond proceeds were used to fund a debt service reserve fund (DSRF) and a project fund to assist with future capital expenses, and to refund SRA's previously issued series 2012 bonds. All bonds are on parity and are secured by a pledge of all SRA's revenues, a first mortgage on the real property,
