Standard&Poor's Ratings Services assigned its 'AAA/A-1+' rating, and stable outlook, to Kansas Department of Transportation's (KDOT) series 2008 adjustable tender highway revenue bonds, and affirmed its 'AAA' rating on the department's outstanding fixed-rate highway revenue bonds. The 'AAA' rating reflects: The strong fiscal 2007 total annual debt service coverage (DSC) of 8.54x, as well as 5.07x DSC when federal reimbursements are excluded; The department's strong projected coverage through the life of the bonds, though some decline in maximum annual debt service (MADS) coverage will likely occur in fiscals 2010-2015; A diverse and economically resilient pledged revenue stream, which is largely made up of motor fuel taxes, registration and license fees, certain state sales taxes, and federal reimbursements; The
