The rating on Arizona's bonds is affirmed and reflects: * A second lien on a vast and growing collection of highway user taxes and fees levied by the state; * Strong legal provisions, including an additional bonds test requiring historic 2 times (x) coverage of maximum annual debt service on outstanding and proposed debt; and * Historically high debt service that has climbed from 4.55x in 1993 to a current level of 5.5x. Pledged revenues consist of a wide array of motor vehicle taxes and user fees levied by the state. About half of these monies ($425 million for the 12 months ended last Feb. 29 1995 are deposited in the State Highway Fund, where they become pledged revenues, and
