Standard&Poor's Ratings Services assigned its 'A' enhanced rating, and negative outlook, and 'BBB-' Standard&Poor's underlying rating (SPUR), and stable outlook, to Colorado Educational and Cultural Facilities Authority's series 2003 charter school revenue refunding and improvement bonds, supported by Liberty Commons Charter School (LCCS). The enhanced rating reflects the inclusion of Liberty Commons Charter School in the authority's moral obligation charter school bond program. Both 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
