SAN FRANCISCO (Standard&Poor's) April 23, 2004--Standard&Poor's Ratings Services assigned its 'AA-' rating to the Arizona Transportation Board's $50.5 million series 2004A grant anticipation notes (GANs) issued for the Arizona Department of Transportation (ADOT) based on solid debt service coverage of proposed and outstanding parity notes and access to lawfully available funds if federal aid revenues are insufficient to cover debt service. Additionally, Standard&Poor's affirmed its 'AA-' rating on the outstanding series 2001A and 2003A parity GANs. The outlook is stable. "We expect the long-standing federal aid highway program will be reauthorized and continue to receive substantial financial and programmatic support and that pledged federal funds will be available to provide solid debt service coverage
