SAN FRANCISCO (Standard&Poor's) Dec. 17, 2010--Standard&Poor's Ratings Services raised its rating and underlying rating (SPUR) to 'AA' from 'AA-' on the Arizona Department of Transportation's (ADOT) outstanding parity grant anticipation notes (GANs) issued for the Arizona Transportation Board. In addition, Standard&Poor's assigned its 'AA' long-term rating to the Arizona Transportation Board's $170.0 million series 2011A GANs issued by ADOT. The outlook is stable. "The raised ratings reflect our view of the department's history of effectively managing the GAN program, as well as sound legal provisions and strong debt service coverage," said Standard&Poor's credit analyst Mary Ellen Wriedt. The GANs are secured by federal aid revenues received by the department pursuant to grant
