Standard&Poor's Ratings Services assigned its 'AAA' rating, and stable outlook, to the Arizona Transportation Board's series 2008A highway revenue bonds. At the same time, Standard&Poor's affirmed its 'AAA' rating and underlying rating (SPUR), with a stable outlook, on the board's outstanding parity senior-lien highway revenue bonds and its 'AAA' rating on the board's subordinate-lien highway revenue bonds. A first lien on state highway fund revenues will secure the series 2008A bonds. The ratings reflect: A growing and diverse statewide economic base of 6.3 million people generating pledged transportation-related revenue; Debt service coverage (DSC) that continues to be very strong, with 6.67x MADS coverage for the senior-lien bonds, based on actual pledged revenues for fiscal 2007, and
