...S&P Global Ratings affirmed its '##+' long-term rating on the California Municipal Finance Authority's series 2012 and series 2015 charter school revenue bonds, issued for Santa Rosa Academy Inc (SRA or the academy). The outlook is stable. The series 2012 and series 2015 bonds are on parity and are secured by a pledge of all SRA's revenues, a first mortgage on the real property, and a debt service reserve fund (DSRF). In fiscal 2021, SRA recognized close to $540,000 in pandemic-related relief funding. This nonrecurring revenue source helped offset COVID-19-related expenses experienced during the 2020-2021 school year which, along with efforts led by management, kept operating performance healthy, which we view positively given the challenging operating environment. After completing the 2020-2021 school year in mostly distance learning, SRA returned to in-person instruction for non-independent learners for the start of the 2021-2022 school year in accordance with local and state guidelines....
