The rating outlook on Chester County Industrial Development Authority, Pa.'s revenue bonds, issued for the Collegium Charter School, has been revised to stable from negative, reflecting higher enrollment levels and the impact that is expected to have on financial performance. The 'B' Standard&Poor's underlying rating (SPUR) on the bonds has been affirmed. Credit factors include: Weak financial position, caused primarily by enrollment levels that fell short of initial projections; No waiting list; The potential for competition from new charter schools; and The inherent risk associated with the charter school, including the risk of nonrenewal or revocation of the charter, along with the need for sustained demand for the facility. Offsetting factors include: Recent enrollment increases that translate to
