Standard&Poor's Ratings Services assigned its 'AA-' long-term rating to the Arizona Transportation Board's series 2009A grant anticipation notes (GANs) issued on behalf of the Arizona Department of Transportation (ADOT). Additionally, Standard&Poor's affirmed its 'AA-' rating and underlying rating (SPUR) on ADOT's outstanding parity GANs. The rating reflects the department's sound legal provisions and strong debt service coverage. More specifically, the rating reflects the following credit strengths: Strong federal and state programmatic support, along with ADOT's history of maximizing its share of federal Title 23 federal aid transportation grants, including receiving additional obligation authority that the Federal Highway Administration (FHWA) redistributes from other states; and the department's effective management of the reimbursement process; Access to certain non-federal
