SAN FRANCISCO (Standard&Poor's) Nov. 19, 2007-- Standard&Poor's Ratings Services assigned its 'AA-' rating to the Arizona Transportation Board's $68 million series 2008A 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 the outstanding series 2001A, 2003A, 2004A, and 2004B parity GANs. The outlook is stable. "The department has strong debt service coverage, with 4.85x coverage of maximum annual debt service on all GANs," said Standard&Poor's credit analyst Robert Hannay. "Sound legal provisions, including an additional bonds test and access to certain non-federal funds, provide extra strength." After the issuance of the series 2008A notes, there will
