Standard&Poor's Ratings Services assigned an 'AAA' long-term rating and stable outlook to the Kansas Department of Transportation's (KDOT) series 2009A highway revenue refunding bonds. In addition, Standard&Poor's affirmed its 'AAA' long-term and underlying rating (SPUR) on KDOT's outstanding highway revenue bonds. We believe the 'AAA' rating reflects: The strong fiscal 2009 total annual debt service coverage (DSC) of 9.45x, as well as 5.77x DSC when federal reimbursements are excluded; The department's strong projected coverage through the life of the bonds, although 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
