Standard&Poor's Ratings Services assigned its 'BBB-' rating, and stable outlook, to Colorado Educational and Cultural Facilities Authority's $8.725 million series 2004 charter school revenue refunding bonds, supported by Collegiate Academy. The rating reflects: The school's significant student enrollment fluctuations and wait-list neglect under a previous administration, A relatively small student enrollment base, and A financial position that has experienced recent stress due to enrollment fluctuations and a loan from the sponsoring district. Positive offsetting credit factors include: A 10-year track record of operations and two successful charter renewals; The lack of any nearby competition for charter school services; A new marketing plan designed to shore up retention at historically problematic grade levels; The ability of the charter school
