...S&P Global Ratings' 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) is '##+'. The outlook is stable. As a result of the COVID-19 pandemic and broader public safety concerns, SRA moved to virtual learning in mid-March 2020, which continued for the remainder of the 2019-2020 school year. It opened the 2020-2021 school year as fully remote. Management indicates future instructional modes will be contingent upon state and county health guidelines dependent upon the trajectory of COVID-19 cases in the service area. This is similar to several of the network's charter and school district peers in California. We also understand state testing requirements for 2019-2020 were waived on March 4, 2020, under executive order N-30-20 issued by the governor, with expectations for an abbreviated state test for the 2021-2022 school year. On June 29, 2020, the governor approved...
