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Financial Management Services

Investor Information

Ratings

The State Transportation Board's (STB) debt has received ratings from three municipal bond rating agencies as noted in the table below. An explanation of the significance of the respective ratings may be obtained from the respective rating agencies.

The ratings assigned by the ratings agencies listed below reflect only the views of such rating agencies in evaluating various elements of the STB's bonds and notes. No assurance is made that any rating will be retained for any given period of time, will not be revised, or will not be withdrawn entirely by one or more rating agencies. Neither the STB nor ADOT have any responsibility to update this section of ADOT’s website to reflect any revision or withdrawal of the ratings.

The STB's debt has received the following ratings from three municipal bond rating services:

Type of Bonds Rating Agency
Fitch
Moody's
Standard & Poor's
HURF
(Senior Lien)
Aa1
AAA
HURF Bonds
(Subordinate Lien)
Aa2
AA+
RARF Bonds
Aa1
AA+
Grant Anticipation Notes (GARVEE Bonds)
AA
Aa2
AA

Ratings information should be considered historical in nature. Neither the STB nor ADOT undertake to update information provided herein. The information and expressions of opinion in each rating are subject to change by the corresponding rating agency without notice. The posting of information on this web site does not imply that there has been no change in the ratings or affairs of the STB or ADOT since any of the above ratings were assigned by the corresponding rating agency.