California Statewide Communities Development Authority Rocklin Academy; Charter Schools May 11

Standard & Poors, May 2011

Abstract
Standard & Poor's Ratings Services assigned its 'BB+' rating to the California Statewide Communities Development Authority's charter school revenue bonds, series 2011A and taxable series 2011B, issued for The Rocklin Academy (TRA). The outlook is stable. The rating reflects our view that: There are general credit risks associated with charter schools, including that of charter nonrenewal, as charters are currently granted for five years in California and TRA has three separate charters; Although the TRA has a history of positive operations, fiscal 2010 was negative due to what the school represents as one-time expenses related to the start-up of the high school in a leased facility; Move and expansion risk exists, as the leased high school space will move to...

Companies mentioned in this report are:
- Rocklin Acad
- California Statewide Communities Dev Auth

Action: New Rating

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Full Analysis

- Rocklin Acad
- California Statewide Communities Dev Auth

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