Standard&Poor's Ratings Services revised its outlook to stable from negative and affirmed its 'BBB-' rating on Colorado Educational&Cultural Facilities Authority?s series 2010 charter school refunding and improvement revenue bonds issued for the Rocky Mountain Academy of Evergreen (RMAE). The revision of the outlook to stable from negative and the affirmation of the 'BBB-' rating on RMAE reflect the improvement in the school's overall operations, which was positive on a full-accrual basis in fiscal 2014 and resulted in maximum annual debt service (MADS) coverage and a MADS burden in line with rating medians. Although enrollment has been erratic and softened in fall 2014, management was able to enroll new students and ended the academic year with enrollment
