Phoenix Industrial Development Authority, Arizona GreatHearts Arizona; Charter Schools; School State Program

S&P Global Ratings revised its outlook to positive from stable and affirmed its 'BBB-' underlying and long-term ratings 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). The 'AA-' long-term enhanced program rating on the series 2021A, 2017A, and 2017C bonds is based on inclusion in the Arizona Public School Credit Enhancement Program. For more information on the program rating, please see the report "Arizona Public

...relevant exposure. GHAZ returned to full in-person instruction for the current school year, supplemented by the opening of GHAZ Online, providing virtual options to K-8 students across the state. Virtual enrollment is just under 550 students of total enrollment of 14,670 for the 2021-2022 school year. GHAZ was allocated over $25 million in ESSER relief, with about $9 million recognized in fiscal 2022 and rest to be spent through fiscal 2024. State per-pupil funding continues to increase modestly, with a 2.6% increase in fiscal 2022, following a 3% increase in fiscal 2021. Online students are funded at 95%....

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