Summary: Colorado Educational and Cultural Facilities Authority Frontier Academy; School State Program

Standard&Poor's Ratings Services affirmed its 'BBB-' underlying rating for the credit program on the Colorado Educational and Cultural Facilities Authority's series 2006 charter school revenue bonds, issued for Frontier Academy. The bonds, which Assured Guaranty Corp. insures, are also supported by Colorado's moral obligation charter school bonds program. The outlook is stable. For more information on the moral obligation program rating, see the analysis published Sept. 4, 2015, on RatingsDirect. The rating reflects our view of Frontier's solid financial profile, with improved fiscal 2015 operating results reflecting 1.4x maximum annual debt service (MADS) and increased unrestricted reserves highlighted by 68 days' cash. The rating also reflects our view of robust demand metrics, including rising enrollment and a wait

...Standard & Poor's Ratings Services affirmed its '###-' underlying rating for the credit program on the Colorado Educational and Cultural Facilities Authority's series 2006 charter school revenue bonds, issued for Frontier Academy. The bonds, which Assured Guaranty Corp. insures, are also supported by Colorado's moral obligation charter school bonds program. The outlook is stable. For more information on the moral obligation program rating, see the analysis published Sept. 4, 2015, on RatingsDirect. The rating reflects our view of Frontier's solid financial profile, with improved fiscal 2015 operating results reflecting 1.4x maximum annual debt service (MADS) and increased unrestricted reserves highlighted by 68 days' cash. The rating also reflects our view of robust demand metrics, including rising enrollment and a wait list that is almost double Frontier's fall 2015 average daily attendance. In our view, the school remains leveraged, which we believe represents a credit risk; however,...

Summary