S&P Global Ratings assigned its'AA+'long-term rating to the Missouri Highways and Transportation Commission ’s (MHTC) $350.1 million series B 2026 state appropriations mega projects state road bonds. At the same time, we affirmed our ‘AA+’ long-term rating on MHTC’s state appropriations mega projects state road bonds outstanding. The outlook is stable. Pursuant to the mega projects master indenture, the series B 2026 bonds and mega projects bonds outstanding are secured by a first lien on annual appropriations of revenues and funds from Missouri’s general revenue fund--subject to appropriation by the Missouri General Assembly--that are deposited into the State Road Fund for payment of debt service. Also securing the bonds is a subordinate lien on state road fund revenue,
