Standard&Poor's Ratings Services affirmed its 'AA' rating and underlying rating (SPUR) on the Arizona Transportation Board's (the board) grant anticipation notes (GANs) outstanding. The outlook is stable. The ratings reflect our view of the back-up pledge on the GANs, as well as the strong pro forma coverage of maximum annual debt service (MADS). More specifically, the ratings reflect our view of the following credit strengths: ADOT's access to certain nonfederal 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; Robust coverage of 12.6x pro forma MADS provided by actual federal receipts in federal fiscal 2012, mitigating some
