The ratings on Arizona Transportation Board's excise tax revenue bonds reflect the following strengths: Good senior-lien and adequate subordinate-lien debt service coverage (DSC); Short four-year maturities, with no future bond issuance anticipated; Continued growth--albeit at a slower rate--and the broad-based nature of the sales tax revenues; Continued strength and diversity of the Maricopa County economy; and A good 2.0 times (x) and adequate 1.2x additional bonds tests for the respective senior- and subordinate-lien bonds. An offsetting factor is a weak debt service reserve requirement of only maximum annual interest. The bonds are secured by Maricopa County excise taxes, which were approved at a special election held on Oct. 8, 1985, and effective Jan. 1, 1986. The Maricopa County Transportation Excise
