S&P Global Ratings has assigned its 'AA+' long-term rating to the Arizona Transportation Board's estimated $64 million series 2017 grant anticipation notes (GANs). The outlook is stable. At the same time, S&P Global Ratings has affirmed its 'AA+' long-term rating on the board's GANs outstanding. 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 GAN's backup pledge. 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 post-sale MADS provided by actual federal receipts (40x)
