Standard&Poor's Ratings Services has assigned its 'AA' rating and stable outlook to the Kentucky Asset Liability Commission's federal highway trust fund series 2014A project notes and series 2014B refunding notes, issued 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 strong debt service coverage, sound bond provisions, and additional debt plans that we expect would yield continued high debt service coverage consistent with the rating. More specifically, the rating incorporates what we consider to be the following credit strengths: Strong pro forma maximum annual debt service (MADS) coverage of 7.2x and 6.9x based on 2013 federal aid
