Standard&Poor's Ratings Services raised its rating and underlying rating (SPUR) to 'AA' from 'AA-' on the Arizona Department of Transportation's (ADOT) outstanding parity grant anticipation notes (GANs) issued for the Arizona Transportation Board. In addition, Standard&Poor's assigned its 'AA' long-term rating to the Arizona Transportation Board's $170.0 million series 2011A GANs issued by ADOT. The raised ratings reflect our view of the department's history of effectively managing the GAN program, as well as sound legal provisions and strong debt service coverage. More specifically, the ratings reflect our view of the following credit strengths: Strong federal and state programmatic support; ADOT's history of maximizing its share of federal Title 23 federal aid transportation grants, including receiving additional
