Standard&Poor's Ratings Services affirmed its 'AAA' standard long-term rating and Standard&Poor's underlying rating (SPUR), with a stable outlook, on Kansas Department of Transportation's (KDOT) highway revenue bonds. The 'AAA' rating reflects: The strong fiscal 2007 total annual debt service coverage (DSC) of 8.54x, as well as 5.07x DSC excluding federal reimbursements; The department's strong projected coverage throughout the bonds' life -- Some decline in maximum annual debt service (MADS) coverage, however, will likely occur in fiscals 2010-2015; A diverse and economically resilient pledged revenue stream, which is largely made up of motor fuel taxes, registration and license fees, certain state sales taxes, and federal reimbursements; The bonds' very strong legal provisions, highlighted by a historical additional
