NEW YORK--(BUSINESS WIRE)--Fitch Ratings has upgraded the underlying rating on the following Colorado Educational and Cultural Facilities Authority revenue bonds issued on behalf of The Academy to 'B' from 'B-': --$17.7 million charter school revenue bonds (Academy of Charter Schools Project), series 2004; --$6.1 million charter school revenue bonds (Academy of Charter Schools Project), series 2008; --$9.7 million charter school revenue bonds (The Academy Project), series 2010A&B. The Ratin