Arizona Transportation Board GAN Rating Raised To 'AA+' On Excellent Current And Projected Coverage, Despite Debt Plans - S&P Global Ratings’ Credit Research

Arizona Transportation Board GAN Rating Raised To 'AA+' On Excellent Current And Projected Coverage, Despite Debt Plans

Arizona Transportation Board GAN Rating Raised To 'AA+' On Excellent Current And Projected Coverage, Despite Debt Plans - S&P Global Ratings’ Credit Research
Arizona Transportation Board GAN Rating Raised To 'AA+' On Excellent Current And Projected Coverage, Despite Debt Plans
Published Aug 18, 2016
3 pages (1124 words) — Published Aug 18, 2016
Price US$ 150.00  |  Buy this Report Now

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Abstract:

SAN FRANCISCO (S&P Global Ratings) Aug. 18, 2016--S&P Global Ratings raised its long-term rating to 'AA+' from 'AA' on the Arizona Transportation Board's grant anticipation notes (GANs) outstanding. S&P Global Ratings assigned its 'AA+' long-term rating to the board's estimated $78 million series 2016 refunding GANs. The outlook is stable. "The rating reflects our view of the excellent pro forma coverage of maximum annual debt service, even with planned additional debt, and of the back-up pledge on the GANs," said S&P Global Ratings credit analyst Mary Ellen Wriedt. More specifically, the rating reflects our view of the following credit strengths: The Arizona Department of Transportation's (ADOT) access to certain nonfederal funds if federal aid revenues are insufficient to cover debt

  
Brief Excerpt:

...SAN FRANCISCO (S&P Global Ratings) Aug. 18, 2016--S&P Global Ratings raised its long-term rating to '##+' from '##' on the Arizona Transportation Board's grant anticipation notes (GANs) outstanding. S&P Global Ratings assigned its '##+' long-term rating to the board's estimated $78 million series 2016 refunding GANs. The outlook is stable. "The rating reflects our view of the excellent pro forma coverage of maximum annual debt service, even with planned additional debt, and of the back-up pledge on the GANs," said S&P Global Ratings credit analyst Mary Ellen Wriedt. More specifically, the rating reflects our view of the following credit strengths: + The Arizona Department of Transportation's (ADOT) access to certain nonfederal funds if federal aid revenues are insufficient to cover debt service; + The robust pro forma coverage of postrefunding maximum annual debt service provided by actual federal receipts (42x) and obligation authority (38x) in federal fiscal 2015, mitigating risk of a...

  
Report Type:

Ratings Action

Issuer
Arizona Transp Brd
Sector
Public Finance
Country
United States
Region
United States
Format:
PDF Adobe Acrobat
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MLA:
S&P Global Ratings’ Credit Research. "Arizona Transportation Board GAN Rating Raised To 'AA+' On Excellent Current And Projected Coverage, Despite Debt Plans" Aug 18, 2016. Alacra Store. May 05, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Arizona-Transportation-Board-GAN-Rating-Raised-To-AA-On-Excellent-Current-And-Projected-Coverage-Despite-Debt-Plans-1696484>
  
APA:
S&P Global Ratings’ Credit Research. (). Arizona Transportation Board GAN Rating Raised To 'AA+' On Excellent Current And Projected Coverage, Despite Debt Plans Aug 18, 2016. New York, NY: Alacra Store. Retrieved May 05, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Arizona-Transportation-Board-GAN-Rating-Raised-To-AA-On-Excellent-Current-And-Projected-Coverage-Despite-Debt-Plans-1696484>
  
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