Standard&Poor's Ratings Services assigned its 'AAA' rating to Arizona Transportation Board's new highway revenue bonds series 2007A and affirmed its 'AAA' rating on the board's senior- and subordinate-lien highway revenue bonds. The 'AAA' rating reflects: A growing and diverse statewide economic base of 6.2 million people generating pledged transportation related revenue; Debt service coverage that continues to be very strong, with 6.34x maximum annual debt service (MADS) coverage for the senior-lien bonds based on actual pledged revenues for fiscal 2006 and 4.56x MADS coverage for the subordinate-lien bonds; Strong legal provisions consisting of a historical 4x MADS additional bonds test for the senior-lien bonds and a 3x test for the subordinate-lien bonds; and The sound and conservative management
