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 2011. We understand that bond proceeds will be used to pay for the design, right-of-way purchase, and construction of various freeways and other roads within the county, including primarily projects on the Loop 303 state highway. Standard&Poor's also affirmed its 'AA+' rating, with a stable outlook, on the board's series 2007, 2009, and 2010 transportation excise tax revenue (Maricopa County Regional Area Road Fund) bonds outstanding. The ratings reflect what we consider: A very large and diverse economic base covering Maricopa County ('AAA' issuer credit rating), which generates
