...S&P Global Ratings has assigned its '##+' long-term rating to the Arizona Transportation Board's estimated $63.9 million series 2019A grant anticipation notes (GANs). At the same time, S&P Global Ratings has affirmed its '##+' long-term rating on the board's GANs outstanding. The outlook is stable. The rating reflects our view of the board's 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 (25.3x) and obligation authority (24.8x) in federal fiscal 2018, mitigating the risk of possibly reduced federal funding; + ADOT's history of maximizing its share of federal Title 23 federal aid transportation...
