Summary: Kansas Department of Transportation; Gas Tax

S&P Global Ratings assigned its 'AAA' long-term rating to the Kansas Department of Transportation's (KDOT) highway index revenue bonds, series 2004C with a par of $147 million. In addition, we affirmed our 'AAA' rating and underlying rating (SPUR) on KDOT's $2.04 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 6.8x coverage of maximum annual debt service (MADS) by fiscal 2017 pledged revenues in the state highway fund, and 4.8x coverage by less volatile state-derived taxes and fees only; A diverse set of transportation-related revenues in the pledged revenue stream, composed of motor fuel taxes, registration and license fees,

...S&P Global Ratings assigned its '###' long-term rating to the Kansas Department of Transportation's (KDOT) highway index revenue bonds, series 2004C with a par of $147 million. In addition, we affirmed our '###' rating and underlying rating (SPUR) on KDOT's $2.04 billion of parity highway revenue bonds outstanding. The outlook is stable. The '###' ratings reflect our view of: + A statewide economic base generating pledged highway user tax revenues; + Very strong 6.8x coverage of maximum annual debt service (MADS) by fiscal 2017 pledged revenues in the state highway fund, and 4.8x coverage by less volatile state-derived taxes and fees only; + A diverse set of transportation-related revenues in the pledged revenue stream, composed of motor fuel taxes, registration and license fees, certain state sales taxes, and federal reimbursements; + A covenant not to change the statutory allocation of revenues into the pledged highway fund so as to cause revenues to fall below what would enable 3x annual...

Summary