Standard&Poor's Ratings Services assigned its 'AAA' long-term rating, and stable outlook, to Kansas Department of Transportation's (KDOT) series 2012B highway revenue refunding bonds. In addition, Standard&Poor's affirmed its 'AAA' long-term and underlying ratings on KDOT's $1.57 billion of long-term highway revenue bonds outstanding. The outlook is stable. The 'AAA' long-term ratings reflect what we view as: A statewide economic base generating pledged highway user tax revenues; Strong 7.9x coverage of maximum annual debt service (MADS) by total fiscal 2011 state-pledged revenues in the state highway fund, and 4.2x coverage by state derived taxes and fees only; A diverse set of transportation-related revenues in the pledged revenue stream, comprising motor fuel taxes, registration and license fees, certain
