NEW YORK (Standard&Poor's) Dec. 18, 2012--Standard&Poor's Ratings Services revised its outlook on Arizona Transportation Board's senior-lien and subordinate-lien highway revenue bonds to stable from negative. At the same time, Standard&Poor's affirmed its 'AAA' rating on the board's senior-lien bonds and 'AA+' rating on its subordinate-lien bonds. "The outlook revision reflects our view of state changes in the allocation of highway user taxes to the pledged state highway fund," said Standard&Poor's credit analyst David Hitchcock. "Although these changes increase pledged revenues in fiscal 2013 from fiscal 2012, it still leaves pledged revenues lower compared to earlier years, although in our opinion at levels sufficient to continue producing strong debt service coverage," Mr. Hitchcock
