Summary: Michigan Public Educational Facilities Authority Landmark Academy; Charter Schools Feb 12

Standard & Poors, February 2012

Abstract
Standard & Poor's Ratings Services affirmed its 'BBB-' long-term rating on the Michigan Public Educational Facilities Authority's series 2010 limited obligation revenue and refunding bonds issued for Landmark Academy. The outlook is stable. The rating reflects our view of the school's stable financial profile characterized by general fund balance and cash growth despite state funding cuts and a moderate increase in headcount. The 'BBB-' rating further reflects our view of the school's: History of strong enrollment growth, although the growth has moderated in the most recent school year; Positive relationship with its authorizer and two successful charter renewals each for the maximum five-year period; Relatively good test scores, with annual yearly progress (AYP) benchmarks met; and Good overall financial profile,...

Companies mentioned in this report are: Landmark Academy,Michigan Pub Educl Facs Auth
Action: Affirmed
Action: Outlook: Stable

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Landmark Academy,Michigan Pub Educl Facs Auth

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