Santa Rosa Academy Inc.'s 2012 And 2015 Charter School Revenue Bonds Upgraded To 'BB+' From 'BB' On Good Liquidity

DALLAS (S&P Global Ratings) Dec. 2, 2016--S&P Global Ratings raised 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), to 'BB+' from 'BB'. The outlook is stable. The upgrade reflects our view of SRA's good maximum annual debt service (MADS) coverage levels and good liquidity in line with the 'BB+' rating level. We also believe that SRA's enterprise profile has strengthened as evidenced by the academy's positive enrollment trends and robust waiting list. We believe SRA's enterprise and financial profiles are commensurate with the 'BB+' rating level following the successful completion of the academy's construction project under budget. The 'BB+' rating further reflects our

...DALLAS (S&P Global Ratings) Dec. 2, 2016--S&P Global Ratings raised 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), to '##+' from '##'. The outlook is stable. The upgrade reflects our view of SRA's good maximum annual debt service (MADS) coverage levels and good liquidity in line with the '##+' rating level. We also believe that SRA's enterprise profile has strengthened as evidenced by the academy's positive enrollment trends and robust waiting list. We believe SRA's enterprise and financial profiles are commensurate with the '##+' rating level following the successful completion of the academy's construction project under budget. The '##+' rating further reflects our view of SRA's: + Fiscal 2015 operations that resulted in 1.32x pro forma MADS coverage when considering the series 2015 bonds and 1.55x projected MADS coverage based on fiscal 2016 unaudited figures; + Improved...

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