NEW YORK (S&P Global Ratings) Feb. 17, 2023--S&P Global Ratings' raised its underlying rating and long-term rating on the Arizona Industrial Development Authority's series 2021A credit enhanced education revenue bonds and series 2021B non-credit enhanced education revenue bonds, the Industrial Development Authority of the County of Maricopa's series 2017A and 2017C education revenue bonds, and the Phoenix Industrial Development Authority's series 2016 and 2014 education facility revenue bonds, all issued for GreatHearts Arizona (GHAZ; formerly known as Great Hearts Academies), to 'BBB' from 'BBB-'. "The upgrade reflects GHAZ's trend of good operating results, growing reserves, robust enrollment base with continued growth, excellent academics, and success growing into debt issued in recent years, all of which we expect will be sustained,"
