NEW YORK (Standard&Poor's) Dec. 9, 2002—Standard&Poor's Ratings Services assigned its 'AAA' rating to Arizona Transportation Board's $103.43 million highway revenue refunding bonds series 2003, reflecting strong legal provisions consisting of a historic 4x maximum annual debt service additional bonds test for the senior-lien bonds. The outlook is stable. Standard&Poor's also affirmed its 'AAA' rating on the board's outstanding senior-lien highway user tax bonds. The rating also reflects continued strong debt service coverage of 7.18x maximum annual debt service coverage for the senior lien, based on actual pledged revenues for fiscal 2002; and sound and conservative management of the highway program with a board commitment to maintain 5x maximum annual debt service coverage on the
