S&P Global Ratings assigned its 'AA+' long-term rating to the Oregon Department of Transportation's (ODOT) estimated $446.0 million series 2024A highway user tax revenue refunding subordinate-lien bonds. At the same time, S&P Global Ratings affirmed its 'AAA' rating on ODOT's senior-lien debt outstanding and its 'AA+' rating on the department's subordinate-lien debt outstanding. The outlook is stable. The senior and subordinate liens are secured by the state's first and second lien, respectively, on ODOT's pledged revenue. Pledged revenue consists of the following, net deductions of statutory transfers: Motor carrier revenue (weight-mile taxes and road use assessment fees); Fuel tax revenue (motor vehicle fuel and fuel use taxes); Vehicle titling and registration fees, trip permit fees, driver license fees, and other
