NEW YORK (Standard&Poor's) Feb. 18, 2010--Standard&Poor's Ratings Services has raised its rating on Kentucky Asset/Liability Commission?s federal highway trust fund project notes outstanding, issued on behalf of the Kentucky Transportation Cabinet (the state agency), to 'AA' from 'AA-'. At the same time, Standard&Poor's assigned its 'AA' rating to the commission's $89.7 million series 2010 project notes. The outlook is stable. "The raised rating reflects our opinion of the credit strengths of a state grant anticipation revenue vehicle program with consistently high debt service coverage, sound bond provisions, and manageable additional debt plans," said Standard&Poor's credit analyst Adam Torres. The commission is issuing the 2010 bonds to fund preconstruction activity associated with the
