The Standard&Poor's underlying rating (SPUR) on Chester County Industrial Development Authority, Pa.'s revenue bonds, issued for the Collegium Charter School, has been raised to 'BB+' from 'B' given the school's improved enrollment levels, which, in Standard&Poor's Ratings Services' opinion, have led to a significantly improved financial position. Other positive credit factors include: Debt service coverage of 1.9x actual debt service and maximum annual debt service (MADS) in fiscal 2008; Evidence of a successful marketing plan that has helped boost enrollment levels; Successful completion of the new school facility and relocation to the new site, which seems to have had little, if any, impact on enrollment; and A recent charter renewal for five years. Offsetting factors include:
