Standard&Poor's Ratings Services affirmed its 'A' Standard&Poor's underlying rating (SPUR), with a stable outlook, on Colorado Educational and Cultural Facilities Authority's series 2004 charter school revenue refunding and improvement bonds. The SPUR reflects the inclusion of University Lab Charter School in the state's moral obligation charter school bond program. A debt service reserve fund, funded by each participating charter school, and a separate charter school debt service reserve fund, funded by state appropriations, have been established under the program. Should these funds be drawn on and not immediately replenished, the authority will request replenishment from the governor; in turn, the governor will request the state General Assembly to appropriate funds to replenish that charter school's reserve
