Standard&Poor's Ratings Services assigned its 'AA+' rating, and stable outlook, to the Arizona Transportation Board's series 2007 transportation excise tax revenue bonds (Maricopa County Regional Area Road Fund). This is the first issuance under a new master bond resolution secured by a new voter-approved sales tax for road improvement purposes within Maricopa County. The rating reflects the board's: Very large, diverse, and growing economic base covering Maricopa County ('AAA' issuer credit rating [ICR]), which generates the pledged sales tax; High 8.37x coverage of future maximum annual debt service (MADS) after this issuance; Expected large additional debt issuance that will somewhat dilute coverage, but to still-strong levels; and Strong 2x additional bonds test. The bonds are secured by a
