NEW YORK (Standard&Poor's) August 2, 2004—Standard&Poor's Ratings Services assigned its 'AA' rating to Arizona Transportation Board's $200 million subordinated highway revenue bonds series 2004B. The outlook is stable. The sale date is scheduled for around August 23. At the same time, Standard&Poor's affirmed its 'AAA' rating on the board's outstanding senior-lien highway revenue bonds and its 'AA' rating on the board's outstanding parity debt. "The ratings reflect strong legal provisions in place consisting of a historic 4x maximum annual debt service (MADS) additional bonds test for the senior-lien bonds and a 3x test for the subordinate-lien bonds; debt service coverage that continues to be strong, with 8.92x MADS coverage for the senior lien, based
