SAN FRANCISCO (Standard&Poor's) May 1, 2012--Standard&Poor's Ratings Services assigned its 'AA' rating to the Arizona Transportation Board's (the board) $44 million series 2012 refunding grant anticipation notes (GANs). At the same time, Standard&Poor's affirmed its 'AA' rating and underlying rating (SPUR) on the board's parity GANs outstanding. The outlook is stable. "The rating reflects our view of the back-up pledge on the GANs, as well as the strong pro forma coverage of maximum annual debt service," said Standard&Poor's credit analyst Mary Ellen Wriedt. The board has approximately $374 million in federal grant-secured GANs outstanding. The GANs currently outstanding have a final maturity of 2026. Following the refunding, outstanding GANs will continue to
