S&P Global Ratings assigned its 'AAA' rating to the Arizona Transportation Board's series 2016 highway revenue refunding bonds, issued for the Arizona Department of Transportation (ADOT). At the same time, S&P Global Ratings affirmed its 'AAA' rating on ADOT's parity senior-lien highway revenue bonds outstanding, and its 'AA+' rating on ADOT's subordinate-lien highway revenue bonds. The outlook is stable. We understand series 2016 bond proceeds will refund certain outstanding subordinate lien bonds to reduce interest costs and debt service requirements. Due to coverage capacity at the senior-lien position, the refunded portion of subordinate- lien bonds will become senior lien upon execution of the series 2016 transaction. There is no extension of original maturities. Following this transaction, ADOT will have $542.1
