Kansas Department of Transportation's 2015B Highway Revenue Bonds Rated 'AAA', Parity Debt Rating Affirmed At 'AAA'

NEW YORK (Standard&Poor's) Nov. 16, 2015--Standard&Poor's Ratings Services assigned its 'AAA' long-term rating, and stable outlook, to the Kansas Department of Transportation's (KDOT) highway revenue bonds, series 2015B. In addition, Standard&Poor's affirmed its 'AAA' rating and underlying rating (SPUR) on the KDOT's $1.7 billion of parity highway revenue bonds outstanding. The outlook is stable. "In our opinion, Kansas' statewide economic base generating pledged highway user tax revenues is a key credit strength," said Standard&Poor's credit analyst David Hitchcock. The 'AAA' ratings reflect our view of: Very strong 7.04x coverage of maximum annual debt service (MADS) by fiscal 2015 pledged revenues in the state highway fund, and 5.03x coverage by less volatile state-derived

...NEW YORK (Standard & Poor's) Nov. 16, 2015--Standard & Poor's Ratings Services assigned its '###' long-term rating, and stable outlook, to the Kansas Department of Transportation's (KDOT) highway revenue bonds, series 2015B. In addition, Standard & Poor's affirmed its '###' rating and underlying rating (SPUR) on the KDOT's $1.7 billion of parity highway revenue bonds outstanding. The outlook is stable. "In our opinion, Kansas' statewide economic base generating pledged highway user tax revenues is a key credit strength," said Standard & Poor's credit analyst David Hitchcock. The '###' ratings reflect our view of: + Very strong 7.04x coverage of maximum annual debt service (MADS) by fiscal 2015 pledged revenues in the state highway fund, and 5.03x 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 state sales taxes, and federal reimbursements;...

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