BOSTON (Standard&Poor's) Aug. 23, 2007-- Standard&Poor's Ratings Services assigned its 'AA-' rating and a stable outlook to Kentucky Asset Liability Commission's $283.4 million series 2007 federal highway trust fund project grant anticipation revenue notes (GARVEES), issued on behalf of the Kentucky Transportation Cabinet. The 'AA-' underlying rating (SPUR) was affirmed. The rating is based on the strengths of the Kentucky direct GARVEE program including high debt service coverage levels of 13x maximum annual debt service and the Commonwealth's conservative approach to leveraging federal grant receipts with no current plans to issue additional parity debt. Proceeds of the 2007 notes are funding three lane-widening projects on the Commonwealth's interstate highways system. "The stable outlook reflects our expectation
