Standard&Poor's Ratings Services assigned its 'AAA' rating to Arizona Transportation Board's new highway revenue bonds series 2006 and affirmed its 'AAA' rating on the board's outstanding parity senior-lien highway revenue bonds, while also affirming its 'AA' rating on the board's outstanding subordinate-lien highway revenue bonds. The ratings reflect: Debt service coverage that continues to be strong, with 6.34x MADS coverage for the senior-lien bonds, based on actual pledged revenues for fiscal 2006, and 4.56x MADS coverage for the subordinate-lien bonds; Strong legal provisions in place consisting of a historic 4x maximum annual debt service (MADS) additional bonds test for the senior-lien bonds and a 3x test for the subordinate-lien bonds; and Sound and conservative management of the highway
