S&P Global Ratings' 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 Maricopa County Industrial Development Authority'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), is 'BBB'. The outlook is stable. As of June 30, 2023, total long-term debt outstanding was $225.9 million, including the rated bonds, a $1.7 million note payable, and $1.9 million outstanding on a series 2018 drawdown construction bond used to transition to LED lighting across the schools. All GHAZ's bonds are secured
