S&P Global Ratings assigned its 'AA+' long-term rating to the Arizona Transportation Board's series 2016 transportation excise tax revenue refunding bonds (Maricopa County Regional Area Road Fund). S&P Global Ratings 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 is stable. We understand the estimated $85.35 million in bond proceeds will refund existing parity debt for interest rate savings in order to lower debt service requirements without extending existing maturities. The current transaction will be issued without the benefit of a debt service reserve fund, which is consistent with the board's existing practice. In our view, the 'AA+' rating reflects the following: A very large
