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Advanced Technology Academy, Michigan; Charter Schools Aug 11
Standard & Poors, Aug 2011
Abstract
Standard & Poor's Ratings Services affirmed its 'BBB-' long-term rating on Advanced Technology Academy (ATA), Mich.'s series 2008 revenue bonds. The outlook is stable. The 'BBB-' rating reflects our view of the school's: Low financial reserves and minimal, albeit improved, liquidity in fiscal 2010 with 12 days' cash on hand; Reliance on the management company to run operations, particularly given that its founder and other administrators are also leaders and founders of the academy; and Inherent uncertainty associated with charter renewals, given that the final maturity of the bonds exceeds the time horizon of the existing charter. We believe these weaknesses are somewhat lessened by our view of the academy's: Generally positive operating results on a cash basis at levels...
Companies mentioned in this report are: Advanced Tech Acad
Action: Affirmed
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
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