...The positive outlook reflects our view of GHAZ's improved operating trends, growing liquidity position, solid enterprise profile with a robust enrollment base, and success growing into debt issued in recent years. The organization has grown notably in recent years and while expansion plans are expected to continue, which could involve some modest additional debt, GHAZ's strengthening enterprise characteristics and financial metrics provide cushion to support potential upgrades for the '###-' ratings. As of June 30, 2021, total long-term debt outstanding was $234 million, including the rated bonds, a $2 million note payable, and $2.1 million outstanding on a series 2018 drawdown construction bond used to transition to LED lighting across the schools. All bond financed projects are proceeding according to budget and schedule. During fiscal 2021, GHAZ adopted FASB ASU No. 2016-02 and recognized a $10.9 million current and long-term operating lease liability and commensurate $9.9 million operating...
