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 2010. At the same time, Standard&Poor's affirmed its 'AA+' long-term rating, with a stable outlook, on the Regional Area Road Fund (RARF) parity series 2007 and 2009 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 2.26x coverage by fiscal 2010 pledged revenues of future maximum annual debt service (MADS)
