Standard&Poor's Ratings Services has assigned its 'AA' rating to the $106.33 million Kentucky Asset/Liability Commission?s federal Highway Trust Fund (HTF) first series A 2015 project notes. The outlook is stable. The commission is issuing the debt on behalf of the Kentucky Transportation Cabinet (the state agency). The rating reflects our opinion of the credit strengths of a state grant anticipation revenue vehicle (GARVEE) program with consistently high debt service coverage (DSC), sound bond provisions, and additional debt plans that we expect would yield continued high DSC. More specifically, the rating incorporates what we consider to following credit strengths: Strong pro forma maximum annual debt service (MADS) coverage of 7.5x based on 2015 federal aid highway program receipts; Sound
