...S&P Global Ratings assigned its '##+' long-term rating to the Arizona Transportation Board's $264 million series 2018 transportation excise tax revenue bonds (Maricopa County Regional Area Road Fund). We also affirmed our '##+' long-term rating on the board's existing parity transportation excise tax revenue (Maricopa County Regional Area Road Fund) bonds. The outlook is stable. In our view, the '##+' rating reflects the following: + A very large and diverse economic base covering Maricopa County, which generates the pledged sales tax; + Strong coverage of 1.9x maximum annual debt service (MADS) payable in fiscal 2025 and calculated using audited fiscal 2017 pledged revenues; + The underlying strength of the pledge revenue stream that has grown about 4.9% annually between fiscal years 2012 and 2017, bolstered by sound revenue variances to forecast; and + Good legal provisions that require at least 2x MADS coverage by pledged revenues in 12 of the past 18 months to issue additional senior-lien...
