Standard&Poor's Ratings Services revised its outlook on Arizona Transportation Board's senior-lien and subordinate-lien highway revenue bonds to stable from negative. At the same time, Standard&Poor's affirmed its 'AAA' rating on the board's senior-lien bonds and 'AA+' rating on its subordinate-lien bonds. The outlook revision reflecting our view of state changes in the allocation of highway user taxes to the pledged state highway fund. Although these changes increase pledged revenues in fiscal 2013 from fiscal 2012, leaving pledged revenues lower than in earlier years, in our opinion the levels are sufficient to continue producing strong debt service coverage. Standard&Poor's also assigned its 'AA+' rating, and stable outlook, to the board's subordinate-lien highway revenue bonds tax-exempt
