Standard&Poor's Ratings Services assigned its 'AA-' rating to the Arizona Transportation Board's $50.5 million series 2004A grant anticipation notes (GANs) issued for the Arizona Department of Transportation (ADOT). Additionally, Standard&Poor's affirmed its 'AA-' rating on the outstanding series 2001A and 2003A parity GANs. The rating reflects strong structural provisions, specifically including the following credit strengths: Access to lawfully available, albeit unpledged, funds, including available money on deposit in the State Highway Fund (SHF) and eligible Regional Area Road Fund (RARF) money, if federal aid revenues are insufficient to cover debt service; A sound additional bonds test (ABT) that requires current or historical revenues achieve not less than 1.5x coverage of annual debt service within the current
