Standard&Poor's Ratings Services affirmed its 'AA' rating and underlying rating (SPUR) on the Arizona Department of Transportation's (ADOT) parity grant anticipation notes (GANs) outstanding, issued for the Arizona Transportation Board. The outlook is stable. The rating reflects our view of the following credit strengths: Strong federal and state programmatic support; ADOT's history of maximizing its share of federal Title 23 federal aid transportation grants, including receiving additional obligation authority that the Federal Highway Administration (FHWA) redistributes from other states; and the department's effective management of the reimbursement process; 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
