NEW YORK - Moody's Investors Service said it has placed the Baa3 rating for the Colorado Educational and Cultural Facilities Authority charter school revenue bonds (Bromley East Charter School project), series 2000A and series 2000B on Watchlist for a possible downgrade.
The Watchlist action affects close to $11.9M in outstanding obligations and reflects shortfalls and declines in enrollment levels that are likely to weaken debt service coverage levels and impair the school's ability to accumulate adequate reserve levels, Moodys said. The Watchlist designation also incorporates the school's ongoing dispute with the Adams & Weld County School District 27J (Brighton) over funding levels and state aid pass-through amounts.
