Phoenix Industrial Development Authority, Arizona GreatHearts Arizona; Charter Schools

S&P Global Ratings affirmed its 'BBB-' rating on the Phoenix Industrial Development Authority, Ariz.'s series 2016 and 2014 education facility revenue bonds, issued for GreatHearts Arizona (GHA; formerly known as Great Hearts Academies). The outlook is stable. Operations from 15 of the 22 GHA schools (obligated group) secure the bonds. Based on S&P Global Ratings' group rating methodology criteria, released Nov. 19, 2013, the rating analysis encompasses the entire GHA organization. The 'BBB-' rating is based on our view of GHA's group credit profile ('bbb-') and our view that the 15 schools that are obligated to support the 2014 and 2016 bonds are core to the organization. This is further supported by the direct control of the overarching system over

...S&P Global Ratings affirmed its '###-' rating on the Phoenix Industrial Development Authority, Ariz.'s series 2016 and 2014 education facility revenue bonds, issued for GreatHearts Arizona (GHA; formerly known as Great Hearts Academies). The outlook is stable. Operations from 15 of the 22 GHA schools (obligated group) secure the bonds. Based on S&P Global Ratings' group rating methodology criteria, released Nov. 19, 2013, the rating analysis encompasses the entire GHA organization. The '###-' rating is based on our view of GHA's group credit profile ('###-') and our view that the 15 schools that are obligated to support the 2014 and 2016 bonds are core to the organization. This is further supported by the direct control of the overarching system over the obligated group. Accordingly, the bonds are rated on par with the group credit profile. The rating applies only to the series 2014 and 2016 bonds and does not apply to GHA as an organization. Unless otherwise indicated, numbers cited in...

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