Standard&Poor's Ratings Services affirmed its 'BBB-' long-term rating on Newark Cultural Education Facilities Finance Corp., Tex.'s tax-exempt series 2012A and taxable 2012B public school academy lease revenue bonds issued on behalf of A.W. Brown Fellowship Charter School (A.W. Brown). The outlook is stable. The rating reflects our view of A.W. Brown's strong enrollment growth trends, historically positive operating performance, deep unrestricted liquidity position, and sound maximum annual debt service (MADS) coverage of 1.4x based on fiscal 2013 (unaudited fiscal year ended Aug. 30, 2013) results. The rating further reflects our view of A.W. Brown's: Robust student enrollment and demand, supported by a 2,048-student waiting list that is revalidated every 12 months; Strong unrestricted cash position, as measured by
