The rating on Arizona Transportation Board's bonds reflects the following credit strengths: Strong legal provisions consisting of a historic 3.0 times (x) maximum annual debt service (MADS) additional bonds test, Continued strong debt service coverage with 5.88x MADS coverage for fiscal 1998, Sound and conservative management of the highway program with a board commitment to maintain 4.0x MADS coverage, The bonds are secured by a second lien on a diverse collection of motor vehicle and related fuel fees and taxes. These revenues include fuel taxes, vehicle registration fees and license fees levied by the state. After annual transfers to two other state funds, $16 million in fiscal 1998, about half of these monies, $440 million for fiscal 1998, are deposited
