Standard&Poor's Ratings Services has assigned its 'AA' long-term rating, and stable outlook, to Connecticut's $600 million series 2013A special tax obligation (STO) bonds, for transportation infrastructure purposes. At the same time, Standard&Poor's has affirmed its 'AA' rating, with a stable outlook, on the STO senior parity bonds ($2.9 billion) and second-lien bonds ($461 million). The STO bonds are secured by a first-lien pledge of revenues to the special transportation fund (STF), paid before transportation operations. According to bond counsel, the funds are deemed to be appropriated each year and no further legislative approval is required. We base our ratings on our assessment of the following factors: A diverse mix of pledged revenues, in our view, that
