S&P Global Ratings assigned its 'AA' long-term rating to the Kentucky Asset/Liability Commission 's approximately $22 million project notes, 2025 federal Highway Trust Fund (HTF) first refunding series A. At the same time, we affirmed our 'AA' rating on the commission's federal HTF grant anticipation revenue vehicle (GARVEE) debt outstanding. The outlook is stable. ENGLEWOOD (S&P Global Ratings) May 14, 2025--S&P Global Ratings today took the rating actions listed above. The stable outlook reflects our expectation that Kentucky will receive its historical share of annual Title 23 distributions under the long-standing Federal Aid Highway program and that federal reimbursement revenue will continue to provide very strong MADS coverage on the state's GARVEE debt. Although unlikely, we could lower the rating
