The 'BBB' rating on Illinois Finance Authority's series 2007 charter school revenue project and refunding bonds, issued on behalf of the Chicago Charter School Foundation, reflects the following: Gross revenue pledge of the foundation; A solid framework for charter schools in Illinois, given legal and financial parameters; The foundation already successfully completed a charter renewal process; the charter was renewed in late 2001 for the five-year period through June 30, 2007; The charter covers multiple school sites and has a large current enrollment of 5,859 for the 2006-2007 school year. Actual student growth rates have been consistent with earlier projections and have reached levels required to provide adequate debt service coverage; Enrollment growth and demand has been demonstrated, with annually
