S&P Global Ratings assigned its 'AAA' long-term rating to the Kansas Department of Transportation's (KDOT) highway revenue bonds, series 2017A with a par of $200 million. In addition, we affirmed our 'AAA' rating and underlying rating (SPUR) on KDOT's $1.88 billion of parity highway revenue bonds outstanding. The outlook is stable. The 'AAA' ratings reflect our view of: A statewide economic base generating pledged highway user tax revenues; Very strong 6.4x coverage of maximum annual debt service (MADS) by fiscal 2016 pledged revenues in the state highway fund, and 4.8x coverage by less volatile state-derived taxes and fees only; A diverse set of transportation-related revenues in the pledged revenue stream, composed of motor fuel taxes, registration and license fees, certain
