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 rating reflects the department's sound legal provisions and strong debt service coverage. More specifically, the rating reflects the following credit strengths: Access to certain non-federal funds, including available money on deposit in the State Highway Fund and eligible Regional Area Road Fund money, if federal aid revenues are insufficient to cover debt service; A satisfactory additional bonds test requiring that current or historical revenues
