NEW YORK (S&P Global Ratings) Nov. 15, 2018--S&P Global Ratings has lowered its long-term rating to 'AA+' from 'AAA' on the Arizona Transportation Board's senior-lien highway revenue refunding bonds outstanding, issued for the Arizona Department of Transportation (ADOT). The outlook is stable. "The downgrade reflects the application of our 'Priority Lien' criteria, which factors in both the strength and stability of the pledged revenues, as well as the general credit quality of the obligor which collects and transfers the pledged revenue for debt service payment (the obligor's creditworthiness [OC])," said S&P Global Ratings credit analyst Ladunni Okolo. The criteria were published Oct. 22, 2018, on RatingsDirect. The priority-lien rating on these bonds is limited by our view of Arizona's creditworthiness
