The 'AAA' rating on Arizona Transportation Board's highway revenue refunding bonds reflects the following credit strengths: Strong legal provisions consisting of a historic 4x maximum annual debt service (MADS) additional bonds test for the senior-lien bonds; Continued strong debt service coverage with 7.18x MADS coverage for the senior lien, based on actual pledged revenues for fiscal 2002; and Sound and conservative management of the highway program with a board commitment to maintain 5x MADS coverage on the senior-lien bonds. The series 2003 bonds will be issued for refunding purposes and are anticipated to be delivered on a forward delivery basis on or about April 2, 2003. The bonds are secured by a senior lien on a diverse collection of motor
