Kentucky Asset/Liability Commission Series A 2023 Federal Highway Trust Fund Notes Rated 'AA'

ENGLEWOOD (S&P Global Ratings) May 18, 2023--Dateline—S&P Global Ratings assigned its 'AA' rating to the Kentucky Asset/Liability Commission's proposed $54.6 million project notes, 2023 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. "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. The stable outlook reflects our expectation that Kentucky will receive its historical share of annual Title 23 distributions under the longstanding Federal Aid Highway program and that federal reimbursement revenue will

...May 18, 2023 ENGLEWOOD (S&P Global Ratings) May 18, 2023--Dateline--S&P Global Ratings assigned its '##' rating to the Kentucky Asset/Liability Commission's proposed $54.6 million project notes, 2023 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. The stable outlook reflects our expectation that Kentucky will receive its historical share of annual Title 23 distributions under the longstanding Federal Aid Highway program and that federal reimbursement revenue will continue to provide very strong maximum annual debt service (MADS) coverage on the state's GARVEE debt. Although unlikely, we could lower the rating if MADS coverage...

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