...the obligated group now includes all of GHAZ's schools, we are no longer applying our group rating methodology criteria, though the basis for our credit analysis has not changed as it has always been based on consolidated results for the entire organization. Following the COVID-19 outbreak, GHAZ transitioned to online instruction in early March. Management reports that the transition was relatively smooth since the network was already utilizing certain online platforms and student engagement was high. GHAZ made additional investments over the summer to make sure that all families had access to Chromebooks or hotspots as necessary. For fall 2020, the school year began on time in August via distance learning and then moved to a hybrid model of instruction across its campuses with a rolling start. Initially about 60% of students returned in person, with the remaining 40% remaining online; in-person attendance is up to about 85% across the network currently, though there is variability by campus....
