Summary: Maricopa County Industrial Development Authority GreatHearts Arizona; Charter Schools; School State Program

S&P Global Ratings' underlying rating for credit programs and long-term ratings on the Industrial Development Authority of the County of Maricopa, Ariz.'s series 2017A, 2017B, 2017C, and 2017D education revenue bonds and the Phoenix Industrial Development Authority, Ariz.'s series 2016 and 2014 education facility revenue bonds issued for GreatHearts Arizona (GHAZ; formerly known as Great Hearts Academies) is 'BBB-'. The outlook is stable. The 'AA-' long-term enhanced program rating on the series 2017A, 2017B, 2017C, and 2017D bonds is based on inclusion in the Arizona Public School Credit Enhancement Program. For more information on the program rating, please see the report "Arizona Public School Credit Enhancement Program; State Revolving Funds/Pools," published June 2, 2020, on RatingsDirect. As of June 30,

...GHAZ's group credit profile ('###-') and our view that the 19 schools that are obligated to support the bonds are core to the organization. This is further supported by the direct control of the overarching system over the obligated group. Accordingly, the bonds are rated on par with the group credit profile. The rating applies only to the bonds and does not apply to GHAZ as an organization, though our analysis is based on consolidated results. Unless otherwise indicated, numbers cited in this report reflect the consolidated financial statements and operations of the 21 GHAZ campuses and not the obligated group. 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...

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