Standard&Poor's Ratings Services assigned its 'AAA' rating and stable outlook to the Arizona Transportation Board's series 2015 highway revenue refunding bonds. At the same time, Standard&Poor's affirmed its 'AAA' rating on parity senior-lien highway revenue bonds outstanding, and its 'AA+' rating on subordinate-lien highway revenue bonds. The outlook on the bonds outstanding is stable. The ratings reflect what we view as: A growing and diverse statewide economic base of 6.4 million people generating pledged transportation-related revenue; Very strong 9.49x coverage of maximum annual debt service (MADS) on senior-lien debt by historical fiscal 2014 pledged revenues, and strong 3.71x coverage on combined senior- and subordinate-lien MADS; Coverage of subordinate-lien MADS of 3.71x by fiscal 2014 pledged revenues;
