S&P Global Ratings assigned its 'BB+' long-term rating to Maricopa County Industrial Development Authority (IDA), Ariz.'s $8.1 million series 2025 education revenue bonds, issued for Paradise Schools, Ariz. (Paradise, formerly known as Paradise Education Center). At the same time, S&P Global Ratings affirmed its 'BB+' rating on the school's previously issued debt. The outlook is stable. Following the series 2025 issuance, Paradise will have $62.4 million in pro forma long-term debt outstanding, consisting of the series 2016, 2019, and 2025 bonds. All debt is on parity and is secured by loan agreements between the IDA and Paragon Management (d/b/a Paradise Schools). Under the loan agreements, Paragon Management is required to make loan payments in amounts sufficient to pay all annual
