Standard&Poor's Ratings Services assigned its 'AAA' long-term rating, and stable outlook, to the Kansas Department of Transportation's (KDOT) highway revenue refunding bonds, series 2015A. In addition, Standard&Poor's affirmed its 'AAA' rating and underlying rating (SPUR) on the KDOT's $1.7 billion of parity highway revenue bonds outstanding. The outlook is stable. The 'AAA' ratings reflect our view of: A statewide economic base generating pledged highway user tax revenues; Very strong 8.10x coverage of maximum annual debt service (MADS) by unaudited fiscal 2015 pledged revenues in the state highway fund, and 5.58x coverage by state-derived taxes and fees only. Coverage went up substantially in fiscal 2014 due to an increased allocation of state sales tax to the pledged
