Standard&Poor's Ratings Services assigned its 'AA+' rating, and stable outlook, to Kansas Department of Transportation's (KDOT) series 2003A and series 2003C highway revenue refunding bonds and series 2003B taxable highway revenue refunding bonds. The rating reflects: A high fiscal 2003 annual debt service coverage (DSC) of 8.09x, as well as 4.77x DSC when federal reimbursements are excluded; The department's strong projected coverage through the life of the bonds--maximum annual debt service (MADS) coverage, however, will dip 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
