Standard&Poor's Ratings Services assigned its 'A' enhanced rating and 'BBB-' Standard&Poor's underlying rating (SPUR), and stable outlook, to Colorado Educational and Cultural Facilities Authority's series 2004 charter school revenue refunding bonds, supported by Collegiate Academy of Colorado. The enhanced rating reflects the inclusion of Collegiate Academy Charter School in the state'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 will request that the state General
