Standard&Poor's Ratings Services revised the outlook to negative from stable on its 'BBB-' issuer credit rating (ICR) on Colorado Educational and Cultural Facilities Authority's series 2010 charter school revenue bonds, issued on behalf of the Colorado Springs Charter Academy. The negative outlook on the ICR reflects our view of the academy's fiscal 2011 operating shortfall and the subsequent drop in cash and coverage. In addition, management projects just break-even results in fiscal 2012. Furthermore, we understand that enrollment dropped in fall 2011 but that management expects it to rebound in fall 2012. Finally, the head of school left midyear, and after an interim was installed for three months, a new head took office in June 2012. At the
