Standard&Poor's Ratings Services assigned its 'AA+' long-term rating, and stable outlook, to the Arizona Transportation Board's transportation excise tax revenue bonds (Maricopa County Regional Area Road Fund) series 2009. At the same time, we affirmed our 'AA+' long-term rating, with a stable outlook, on the Regional Area Road Fund (RARF) parity series 2007 bonds outstanding. The bonds are secured by a sales tax collected within Maricopa County and dedicated for road improvement purposes. The rating reflects what we consider: A very large and diverse economic base covering Maricopa County ('AAA' issuer credit rating), which generates the pledged sales tax; High 3.54x coverage by fiscal 2008 pledged revenues of future maximum annual debt service (MADS) after this issuance; Recent
