Standard&Poor's Ratings Services assigned its 'AAA' long-term rating, and stable outlook, to Arizona Transportation Board's new highway revenue bonds series 2008B. At the same time, Standard&Poor's affirmed its 'AAA' long-term ratings, with stable outlooks, on the board's parity senior-lien highway revenue bonds and subordinate-lien highway revenue bonds outstanding. The series 2008B bonds will be secured by a first lien on state highway fund revenues. The ratings reflect: A growing and diverse statewide economic base of 6.3 million people generating pledged transportation-related revenue; Debt service coverage that continues to be very strong, with 5.43x maximum annual debt service (MADS) coverage for the senior-lien bonds, based on actual pledged revenues for fiscal 2008, and 4.17x MADS coverage for
