S&P Global Ratings assigned its 'AA' long-term rating to the Kentucky Asset/Liability Commission 's approximately $22 million project notes, 2025 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 notes are special obligations of the commission secured solely by receipts from Title 23 federal aid transportation reimbursements allocated by the Federal Highway Administration (FHWA) and designated for project-specific debt service under a memorandum of agreement (MOA) with the cabinet. The agency pledges these federal funds to the commission under a separate financing and lease agreement. Kentucky has a direct GARVEE program whereby FHWA reimburses
