NEW YORK (Standard&Poor's) March 22, 2007--Standard&Poor's Ratings Services assigned its 'AAA' rating to Arizona Transportation Board's $198.985 million highway revenue bonds series 2007A and affirmed its 'AAA' rating on the board's senior- and subordinate-lien highway revenue bonds. The 'AAA' ratings reflect a growing and diverse statewide economic base of 6.2 million people generating pledged transportation related revenue, along with debt service coverage that continues to be very strong, with 6.34x maximum annual debt service (MADS) coverage for the senior-lien bonds based on actual pledged revenues for fiscal 2006 and 4.56x MADS coverage for the subordinate-lien bonds. The ratings also reflect strong legal provisions consisting of an historical 4x MADS additional bonds test for the senior-lien bonds
