Standard&Poor's Ratings Services affirmed its 'AA+/A-1+' ratings on Kansas Department of Transportation's (KDOT) bonds. The 'AA+' rating reflects: A high fiscal 2003 annual debt service coverage (DSC) of 8.09x, as well as 4.77x DSC when federal reimbursements are excluded; The department's strong projected coverage through the life of the bonds--maximum annual DSC, however, will dip 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 bonds' very strong legal provisions, highlighted by a historical additional bonds test that requires the highway fund's gross revenues to cover maximum annual debt service outstanding and proposed at least 3x;
