CENTENNIAL (S&P Global Ratings) Aug. 17, 2016--S&P Global Ratings assigned its 'AA+' long-term rating to the Arizona Transportation Board's series 2016 transportation excise tax revenue refunding bonds (Maricopa County Regional Area Road Fund). S&P Global Ratings also affirmed its 'AA+' long-term rating on the board's existing parity transportation excise tax revenue (Maricopa County Regional Area Road Fund) bonds. The outlook is stable. "In our view, the rating reflects a very large and diverse economic base covering Maricopa County, which generates the pledged sales tax; robust coverage of maximum annual debt service; and the recent growth in pledged revenues," said S&P Global Ratings credit analyst Nora Wittstruck. We understand the estimated $85.35 million in bond proceeds will refund existing parity debt
