...Standard & Poor's Ratings Services assigned its '###-' rating to the Phoenix Industrial Development Authority, Ariz.'s series 2016 education facility revenue bonds, issued for Great Hearts Academies. In addition, we raised our rating on the school's outstanding series 2014 bonds to '###-' from '##+'. The outlook is stable. The upgrade reflects our view that the expanded obligated group for the bonds now constitutes the core of 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. Operations from 15 of the 22 Great Hearts Academies (new obligated group) secure the bonds. Based on Standard & Poor's Group Rating Methodology, the rating analysis encompasses the entire Great Hearts organization. The '###-' rating is based on our view of Great Hearts' group credit profile (GCP; '###-') and the now core status to Great Hearts of the 15 schools...
