...SAN FRANCISCO (Standard & Poor's) Jan. 13, 2016--Standard & Poor's Ratings Services raised its long-term rating to '###-' from '##+' on the Phoenix Industrial Development Authority, Ariz.'s series 2014 bonds issued for Great Hearts Academies (Great Hearts). At the same time, Standard & Poor's assigned its '###-' rating to authority's series 2016 education facility revenue bonds, issued for Great Hearts. The outlook is stable. "The raised rating reflects our view that the expanded obligated group for the bonds now constitutes the core of the Great Hearts' operations and due to the direct control of the overarching system over the obligated group, the rating should reflect the total operations of the system rather than the smaller obligated group," said Standard & Poor's credit analyst Jessica Matsumori. "The rating further reflects our view of Great Hearts' good enterprise profile and adequate financial profile for the rating, including the expectation that enrollment will continue to grow...
