Standard&Poor's Ratings Services assigned its 'AA+' long-term rating to the Arizona Transportation Board's series 2014 transportation excise tax revenue refunding bonds (Maricopa County Regional Area Road Fund). Standard&Poor's also affirmed its 'AA+' long-term rating on the board's existing parity transportation excise tax revenue (Maricopa County Regional Area Road Fund) bonds. The outlook on all ratings. is stable. We understand that the estimated $417.4 million bond proceeds will be used to refund approximately $429.2 million of existing parity debt for cost saving purposes. The rating reflects what we consider: A very large and diverse economic base covering Maricopa County, which generates the pledged sales tax; Four years of increased pledged revenues by an aggregate 22.3% after three
