NEW YORK (Standard&Poor's) Oct. 12, 2011--Standard&Poor's Ratings Services lowered its rating on Arizona Transportation Board's subordinate-lien highway revenue bonds to 'AA+' from 'AAA'. Standard&Poor's also revised the senior-lien rating outlook to negative from stable and affirmed its 'AAA' rating on the board's senior-lien highway revenue bonds. At the same time, Standard&Poor's assigned its 'AA+' rating, with a negative outlook, to the board's subordinated highway revenue bonds series 20011. "The downgrade and outlook revision reflect ongoing changes in state allocations of pledged revenues, which have diminished debt service coverage levels," said Standard&Poor's credit analyst David Hitchcock. If debt service coverage declines from its current strong level due to the continued diversion
