Standard&Poor's Ratings Services has affirmed its 'BBB-' rating on Advanced Technology Academy, Mich.'s revenue bonds, series 2008, based on the following credit factors: The inherent uncertainty associated with charter renewals given that the final maturity of the bonds exceeds the time horizon of the existing charter; Reliance on the academy's management company to run operations; and Low financial reserves with low liquidity, but due mostly to capital expenditures. These weaknesses are somewhat lessened by: Adequate coverage of maximum annual debt service (MADS), as based on actual fiscal 2009 and budgeted fiscal 2010 net revenues and current enrollment levels; Successful charter renewal in 2004 with an additional year added such that the academy's charter extends out through 2010; Comparable
