NEW YORK (Standard&Poor's) Oct. 12, 2001—Standard&Poor's today assigned its double-'A' rating to Arizona Transportation Board's $64.43 million excise tax revenue bonds series 2001 dated Oct. 15, 2001, due July 1, 2005. The bonds are scheduled to sell the week of Oct. 22, 2001. At the same time, Standard&Poor's affirmed its double-'A' rating on the department's outstanding senior-lien excise tax bonds (Maricopa County Regional Area). Standard&Poor's also affirmed its single-'A' underlying rating (SPUR) on the board's outstanding subordinate-lien transportation excise tax revenue bonds series 1995 and 1999. The outlook is stable. The ratings reflect the following strengths: -- Good senior-lien and adequate subordinate-lien debt service coverage; -- Short four-year maturities, with limited future
