Standard&Poor's Ratings Services assigned its 'AA' rating to the Arizona Transportation Board's (the board) $44 million series 2012 refunding grant anticipation notes (GANs). At the same time, Standard&Poor's affirmed its 'AA' rating and underlying rating (SPUR) on the board's parity GANs outstanding. The outlook is stable. The rating reflects 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 rating reflects 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
