Summary: Maricopa County Industrial Development Authority, Arizona GreatHearts Arizona; Charter Schools

S&P Global Ratings assigned its 'BBB-' rating to the Industrial Maricopa County Industrial Development Authority, Ariz.'s series 2017A and 2017B education facility revenue bonds, to be issued for GreatHearts Arizona (GHA; formerly known as Great Hearts Academies). In addition, we affirmed our existing 'BBB-' rating on the Phoenix Industrial Development Authority, Ariz.'s series 2016 and 2014 education facility revenue bonds, also issued for GHA. The outlook is stable. The issuance of the series 2017 bonds will add three additional schools to the obligated group; operations from 18 of the 22 GHA schools (obligated group) secure the bonds. Based on S&P Global Ratings' group rating methodology criteria, released Nov. 19, 2013, the rating analysis encompasses the entire GHA organization. The 'BBB-'

...S&P Global Ratings assigned its '###-' rating to the Industrial Maricopa County Industrial Development Authority, Ariz.'s series 2017A and 2017B education facility revenue bonds, to be issued for GreatHearts Arizona (GHA; formerly known as Great Hearts Academies). In addition, we affirmed our existing '###-' rating on the Phoenix Industrial Development Authority, Ariz.'s series 2016 and 2014 education facility revenue bonds, also issued for GHA. The outlook is stable. The issuance of the series 2017 bonds will add three additional schools to the obligated group; operations from 18 of the 22 GHA schools (obligated group) secure the bonds. Based on S&P Global Ratings' group rating methodology criteria, released Nov. 19, 2013, the rating analysis encompasses the entire GHA organization. The '###-' rating is based on our view of GHA's group credit profile ('###-') and our view that the 18 schools that are obligated to support the 2014 and 2016 bonds are core to the organization. This is further...

Summary