Standard&Poor's Ratings Services assigned its 'AAA' long-term rating to the Kansas Department of Transportation's (KDOT) series 2010A taxable highway revenue bonds (Build America Bonds -- direct payment to issuer). In addition, we affirmed our 'AAA' rating and underlying rating (SPUR) on KDOT's existing highway revenue bonds. The outlook on all ratings is stable. The ratings reflect our view of: Strong fiscal 2009 total annual debt service coverage (DSC) of 6.76x, or 4.09x DSC when federal reimbursements are excluded; Strong department-projected coverage through the life of the bonds, though maximum annual debt service (MADS) coverage will likely decline in fiscals 2012 and 2013; A diverse and economically resilient pledged revenue stream, which is largely made up of motor fuel
