SAN FRANCISCO (Standard&Poor's) Sept. 30, 2004--Standard&Poor's Ratings Services assigned its 'AA-' rating to the Arizona Transportation Board's $116.4 million series 2004B grant anticipation notes (GANs) issued for the Arizona Department of Transportation (ADOT). Additionally, Standard&Poor's affirmed its 'AA-' rating on the outstanding series 2001A, 2003A, and 2004A parity GANs. The rating reflects the board's solid projected coverage. The outlook is stable. "The board has shown solid projected coverage of the 2004B GANs and outstanding parity notes, ranging from 6.9x in fiscal 2005 to 16.6x in fiscal 2016," Standard&Poor's credit analyst Matt Stebnicki said. "We expect the longstanding federal aid highway program to be reauthorized and that the board will continue to receive
