S&P Global Ratings raised its long-term rating to 'AA+' from 'AA' on the Arizona Transportation Board's grant anticipation notes (GANs) outstanding. S&P Global Ratings assigned its 'AA+' long-term rating to the board's estimated $78 million series 2016 refunding GANs. The outlook is stable. The rating reflects our view of the excellent pro forma coverage of maximum annual debt service (MADS), even with planned additional debt, and of the back-up pledge on the GANs. More specifically, the rating reflects our view of the following credit strengths: The Arizona Department of Transportation's (ADOT) access to certain nonfederal funds if federal aid revenues are insufficient to cover debt service; The robust pro forma coverage of postrefunding MADS provided by actual federal receipts (42x)
