...DALLAS (S&P Global Ratings) July 20, 2018--S&P Global Ratings assigned its '##+' long-term rating to the Arizona Transportation Board's $264 million series 2018 transportation excise tax revenue bonds (Maricopa County Regional Area Road Fund). We also affirmed our '##+' long-term rating on the board's existing parity transportation excise tax revenue (Maricopa County Regional Area Road Fund) bonds. The outlook is stable. "The '##+' rating reflects our view of the very large and diverse economic base covering Maricopa County, which generates the pledged sales tax and strong coverage of 1.9x maximum annual debt service (MADS) payable in fiscal 2025 and calculated using fiscal 2017 pledged revenues," said S&P Global Ratings credit analyst Ladunni Okolo. Other factors include: + The underlying strength of the pledge revenue stream that has grown about 4.9% annually between fiscal years 2012 and 2017, bolstered by sound revenue variances to forecast; and + Good legal provisions that require...
