...April 25, 2024 ENGLEWOOD (S&P Global Ratings) April 25, 2024--S&P Global Ratings assigned its '##' rating to the Kentucky Asset/Liability Commission's proposed $106.770 million project notes, 2024 federal Highway Trust Fund (HTF) first refunding series A. At the same time, we affirmed our '##' rating on the commission's federal HTF grant anticipation revenue vehicle (GARVEE) debt outstanding. The outlook is stable. "The rating reflects our view of very strong future debt service coverage based on historical federal grant receipts, and a sound bond structure," said S&P Global Ratings credit analyst Scott Shad, "as well as very strong pro forma maximum annual debt service (MADS) coverage, sound bond provisions, and a well-defined process for assuring annual deposits of pledged receipts into the note payment fund." The notes are special obligations of the commission secured solely by receipts from Title 23 federal aid transportation reimbursements allocated by the Federal Highway Administration...
