The 'AA-' rating on Connecticut's special tax obligation bonds (transportation infrastructure purpose) 2002 series B reflects: Strong legal provisions that limit parity debt issuance, coupled with a fully funded reserve account; The ability to slow spending as needed; Solid debt service coverage of maximum annual debt service (MADS), with positive trends in pledged revenue receipts; and The state's continued efforts to maintain a balance between revenue sources and programmatic responsibilities, even while reducing the state gas tax rate. Credit risks include: A sizable, but well-defined, capital improvement program that includes annual future debt issuance; and A concentrated pledged revenue stream that is susceptible to economic conditions related to changes in the price and availability of motor vehicle fuel. Proceeds from
