Standard&Poor's Ratings Services has raised its underlying rating (SPUR) to 'BBB-' from 'BB+' on Chester County Industrial Development Authority, Pa.'s revenue bonds, issued for the Collegium Charter School based on our view of the school's ongoing enrollment growth, which has contributed to an overall improved financial position. The outlook is stable. Credit factors that we believe support the 'BBB-' rating include the school's: Strong demand characterized by steady enrollment increases over the past five years and a growing waiting list that is updated annually; Adequate historical debt service coverage on the bonds and leases of 1.04x in fiscal 2010, if one-time expenses are excluded; Successful completion of its new school facility and relocation to the new site, which
