Bangkok--2 Jun--Standard & Poor's
Standard & Poor's Ratings Services withdrew its 'BBB' issuer credit rating (ICR) on Core Knowledge Charter School, Colo.'s series 2004 charter school revenue refunding and improvement bonds, which were issued by the Colorado Educational and Cultural Facilities Authority. The withdrawal reflects the school's decision not to maintain an underlying rating. The 'A' enhanced rating, which reflects the state of Colorado's moral obligation, is unaffected by this action.
The enhanced rating reflects the inclusion of Core Knowledge Charter School in the authority's moral obligation charter school bond program. Both a debt service reserve fund, funded by each participating charter school, and a separate charter school debt service reserve fund, funded by state appropriations, have been established under the program. Should these funds be drawn on and not immediately replenished, the authority will request replenishment from the governor; in turn, the governor will request that the state General Assembly appropriate funds to replenish that charter school's reserve fund.
Complete ratings information is available to RatingsDirect subscribers at www.ratingsdirect.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com; select your preferred country or region, then Ratings in the left navigation bar, followed by Find a Rating.
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Ana Sandoval, New York (1) 212-438-5095, [email protected]
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James Breeding, Dallas (1) 214-871-1407
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