Summary: Colorado Educational&Cultural Facilities Authority Community Leadership Academy; Charter Schools

Standard&Poor's Ratings Services affirmed its 'BB' long-term rating on the Colorado Educational and Cultural Facilities Authority's (CECFA) series 2013 charter school revenue bonds supported by Community Leadership Academy Building Corp. II and issued for Community Leadership Academy (CLA). At the same time, Standard&Poor's affirmed its 'BB' rating on the CECFA's series 2008 charter school revenue bonds outstanding, which are supported by Community Leadership Academy Building Corp. I and are also issued for CLA. The outlook is stable. The rating reflects our view of CLA's high maximum annual debt service (MADS) debt burden, at nearly 27%. While the school has successfully added the 11th grade for fall 2015, enrollment growth will need to continue to sustain MADS

...Standard & Poor's Ratings Services affirmed its '##' long-term rating on the Colorado Educational and Cultural Facilities Authority's (CECFA) series 2013 charter school revenue bonds supported by Community Leadership Academy Building Corp. II and issued for Community Leadership Academy (CLA). At the same time, Standard & Poor's affirmed its '##' rating on the CECFA's series 2008 charter school revenue bonds outstanding, which are supported by Community Leadership Academy Building Corp. I and are also issued for CLA. The outlook is stable. The rating reflects our view of CLA's high maximum annual debt service (MADS) debt burden, at nearly 27%. While the school has successfully added the 11th grade for fall 2015, enrollment growth will need to continue to sustain MADS coverage in excess of 1.00x. Current enrollment did grow 4.8% compared to fall 2014, to a high of 914 total students; we note that enrollment has been coming in below projections. The rating also reflects positive operations...

Summary