S&P Global Ratings assigned its ?BBB? long-term rating to the Arizona Industrial Development Authority 's $16.30 million series 2025A revenue bonds, $275,000 series 2025B taxable educational revenue bonds, and $100.85 million series 2025C educational revenue refunding bonds, issued for GreatHearts Arizona (GHAZ; formerly known as Great Hearts Academies). At the same time, we affirmed our ?BBB? underlying rating and long-term rating on the Arizona Industrial Development Authority's series 2021A credit enhanced education revenue bonds and series 2021B noncredit 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 GHAZ. The outlook is stable. Post
