DALLAS — Standard & Poor’s on Wednesday lowered its rating on the Arizona Transportation Board’s subordinate-lien highway revenue bonds to AA-plus from AAA with a negative outlook.

The downgrade comes in advance of a $477 million issue that is expected to include refunding bonds. S&P also placed a negative outlook on the board’s AAA-rated senior-lien revenue bonds.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.