S&P Global Ratings assigned its 'AA+' long-term rating to the Arizona Transportation Board's series 2023 senior-lien highway revenue and revenue refunding bonds. At the same time, S&P Global Ratings affirmed its 'AA+' rating on the board's senior-lien highway revenue bonds outstanding. The outlook on all ratings is stable. The senior liens are secured by pledged revenues that consist of allocations set forth in law of fuel taxes, vehicle registration fees, 45% of motor vehicle license in-lieu-of taxes collected by the state, and commercial motor carrier, license, and other fees levied by the state, all of which are initially deposited into the Arizona Highway User Revenue Fund (HURF). After certain annual transfers allocated by the state, 50.5% of the remaining HURF
