Arizona Transportation Board

STATE· AZ· Unclaimed profile

Outstanding (EMMA est.)—

RatingsAa2 Moody's · AA+ S&P · AA Fitch

Last filingNov 2025

Compiled from MSRB EMMA & public records · read-only public record · debt as of Sep 13, 2026 · latest trade Sep 11, 2026 · latest filing Nov 26, 2025

Credit ratings

agency-stated

Moody's

Aa2

57 rated securities

S&P

AA+

79 rated securities

Fitch

14 rated securities

Outstanding par by rating agency and grade
Agency	Rating	Par	Share	CUSIPs
Moody's	Aa1	$686.6M	59.0%	25
	Aa2	$476.4M	41.0%	32

Par-weighted mix of agency grades across the outstanding securities EMMA lists for this issuer; shares are of each agency’s rated par. A split usually reflects distinct liens or credits under one issuer, not disagreement about a single credit.

Maturity profile

par maturing by year · as of Sep 2026

Recent activity

rating actions & filings

Official statement posted

Mar 10, 2026 · HIGHWAY REVENUE AND REVENUE REFUNDING BONDS, SERIES 2026

Annual Financial Information and Operating Data filed

Nov 26, 2025 · Annual Financial Information and Operating Data: FY25 GAN Fed A…

Audited Financial Statements or ACFR filed

Nov 26, 2025 · Audited Financial Statements or ACFR: ADOT - Audited Financial …

Annual Financial Information and Operating Data filed

Sep 10, 2025 · Annual Financial Information and Operating Data: RARF Annual Di…

Annual Financial Information and Operating Data filed

Jan 8, 2025 · Annual Financial Information and Operating Data: 100124 Fed Aid…

Audited Financial Statements or ACFR filed

Jan 7, 2025 · Audited Financial Statements or ACFR: ADOT - Audited Financial …

In context

Among the largest AZ issuers by debt outstanding · #7 of 542

Debt overview

EMMA-derived

Outstanding par (EMMA est.)—

Securities114

Callable20%

Outstanding securities

114

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Outstanding securities for Arizona Transportation Board
CUSIP	Series / description	Coupon	Maturity	Outstanding	Ratings	First call
040647EZ8	ARIZONA ST TRANSN BRD GRANT ANTIC NTS 2019 A (AZ)*	5.0%	Jul 1, 2027	$4,070,000	Moody’s Aa2S&P AA+Fitch AA	—
040654YQ2	ARIZONA ST TRANSN BRD HWY REV REF BDS 2026 (AZ)*	5.0%	Jul 1, 2027	$57,440,000	—	—
040654TA3	RESIDUALS-SER 2937-1	0.0%	Jul 1, 2027	—	—	—
040654WW1	ARIZONA ST TRANSN BRD HWY REV REF BDS 2016 (AZ)*	5.0%	Jul 1, 2027	$18,615,000	Moody’s Aa1S&P AA+	—
040647EL9	ARIZONA ST TRANSN BRD GRANT ANTIC NTS 2017A (AZ)*	5.0%	Jul 1, 2027	$4,540,000	Moody’s Aa2S&P AA+Fitch AA	—
040654XG5	PREREFUNDED-SUB-SER A	5.0%	Jul 1, 2027	$12,205,000	—	—
040654SZ9	—	—	Jul 1, 2027	—	—	—
040654WM3	ARIZONA ST TRANSN BRD HWY REV REF BDS 2015 (AZ)*	5.0%	Jul 1, 2027	$30,085,000	Moody’s Aa1S&P AA+	—
040654TP0	ARIZONA ST TRANSN BRD HWY REV SUB HWY REV BDS 2011A (…	5.0%	Jul 1, 2027	$7,370,000	—	—
040654XX8	ARIZONA ST TRANSN BRD HWY REV TAXABLE REF BDS 2020 (A…	2.224%	Jul 1, 2027	$34,785,000	Moody’s Aa1S&P AA+	—
040654VK8	ARIZONA ST TRANSN BRD HWY REV SUBORDINATED HWY REV BD…	5.0%	Jul 1, 2027	$44,840,000	Moody’s Aa2S&P AA+	—
040654YH2	ARIZONA ST TRANSN BRD HWY REV REF BDS 2023 (AZ)*	5.0%	Jul 1, 2027	$28,810,000	—	—
040654XL4	UNREFUNDED BALANCE-SUB-SER A	5.0%	Jul 1, 2027	$32,635,000	Moody’s Aa2S&P AA+	—
040654SD8	SER B	5.0%	Jul 1, 2027	$15,490,000	S&P AA+	—
040654RA5	SER A	5.0%	Jul 1, 2027	$16,595,000	S&P AA+	—
040647FA2	ARIZONA ST TRANSN BRD GRANT ANTIC NTS 2019 A (AZ)*	5.0%	Jul 1, 2028	$4,270,000	Moody’s Aa2S&P AA+Fitch AA	—
040654XH3	PREREFUNDED-SUB-SER A	5.0%	Jul 1, 2028	$12,815,000	—	—
040654VL6	ARIZONA ST TRANSN BRD HWY REV SUBORDINATED HWY REV BD…	4.0%	Jul 1, 2028	$14,500,000	Moody’s Aa2S&P AA+	—
040647EM7	ARIZONA ST TRANSN BRD GRANT ANTIC NTS 2017A (AZ)*	5.0%	Jul 1, 2028	$4,770,000	Moody’s Aa2S&P AA+Fitch AA	July 1, 2027
040654YR0	ARIZONA ST TRANSN BRD HWY REV REF BDS 2026 (AZ)*	5.0%	Jul 1, 2028	$61,190,000	—	—
040654XY6	ARIZONA ST TRANSN BRD HWY REV TAXABLE REF BDS 2020 (A…	2.362%	Jul 1, 2028	$35,555,000	Moody’s Aa1S&P AA+	—
040654RB3	SER A	4.375%	Jul 1, 2028	$1,550,000	S&P AA+	—
040654SE6	SER B	5.0%	Jul 1, 2028	$16,265,000	S&P AA+	—
040654YJ8	ARIZONA ST TRANSN BRD HWY REV REF BDS 2023 (AZ)*	5.0%	Jul 1, 2028	$29,295,000	Moody’s Aa1S&P AA+	—
040654XM2	UNREFUNDED BALANCE-SUB-SER A	5.0%	Jul 1, 2028	$19,765,000	Moody’s Aa2S&P AA+	—
040654RC1	SER A	5.0%	Jul 1, 2028	$15,875,000	S&P AA+	—
040654TQ8	ARIZONA ST TRANSN BRD HWY REV SUB HWY REV BDS 2011A (…	5.0%	Jul 1, 2028	$7,740,000	S&P AA+	—
040654VY8	ARIZONA ST TRANSN BRD HWY REV SUBORDINATED HWY REV BD…	5.0%	Jul 1, 2028	$32,580,000	Moody’s Aa2S&P AA+	—
040654WX9	ARIZONA ST TRANSN BRD HWY REV REF BDS 2016 (AZ)*	5.0%	Jul 1, 2028	$19,545,000	Moody’s Aa1S&P AA+	—
040654WN1	ARIZONA ST TRANSN BRD HWY REV REF BDS 2015 (AZ)*	5.0%	Jul 1, 2028	$31,585,000	Moody’s Aa1S&P AA+	—
040654YS8	ARIZONA ST TRANSN BRD HWY REV REF BDS 2026 (AZ)*	5.0%	Jul 1, 2029	$61,305,000	—	—
040654TR6	ARIZONA ST TRANSN BRD HWY REV SUB HWY REV BDS 2011A (…	5.25%	Jul 1, 2029	$8,125,000	S&P AA+	—
040654VZ5	ARIZONA ST TRANSN BRD HWY REV SUBORDINATED HWY REV BD…	5.0%	Jul 1, 2029	$47,200,000	Moody’s Aa2S&P AA+	—
040654VM4	ARIZONA ST TRANSN BRD HWY REV SUBORDINATED HWY REV BD…	4.0%	Jul 1, 2029	$2,100,000	Moody’s Aa2S&P AA+	—
040647EN5	ARIZONA ST TRANSN BRD GRANT ANTIC NTS 2017A (AZ)*	5.0%	Jul 1, 2029	$5,010,000	Moody’s Aa2S&P AA+Fitch AA	July 1, 2027
040654WY7	ARIZONA ST TRANSN BRD HWY REV REF BDS 2016 (AZ)*	5.0%	Jul 1, 2029	$20,530,000	Moody’s Aa1S&P AA+	—
040654SF3	SER B	5.0%	Jul 1, 2029	$17,075,000	S&P AA+	—
040647FB0	ARIZONA ST TRANSN BRD GRANT ANTIC NTS 2019 A (AZ)*	5.0%	Jul 1, 2029	$4,495,000	Moody’s Aa2S&P AA+Fitch AA	—
040654XZ3	ARIZONA ST TRANSN BRD HWY REV TAXABLE REF BDS 2020 (A…	2.412%	Jul 1, 2029	$36,400,000	Moody’s Aa1S&P AA+	—
040654WP6	ARIZONA ST TRANSN BRD HWY REV REF BDS 2015 (AZ)*	5.0%	Jul 1, 2029	$33,160,000	Moody’s Aa1S&P AA+	—
040654YK5	ARIZONA ST TRANSN BRD HWY REV REF BDS 2023 (AZ)*	5.0%	Jul 1, 2029	$33,920,000	—	—
040654XJ9	PREREFUNDED-SUB-SER A	5.0%	Jul 1, 2029	$13,460,000	—	—
040654XN0	UNREFUNDED BALANCE-SUB-SER A	5.0%	Jul 1, 2029	$33,740,000	Moody’s Aa2S&P AA+	—
040654RD9	SER A	5.0%	Jul 1, 2029	$18,285,000	S&P AA+	—
040654WQ4	ARIZONA ST TRANSN BRD HWY REV REF BDS 2015 (AZ)*	5.0%	Jul 1, 2030	$34,820,000	Moody’s Aa1S&P AA+	—
040654YL3	ARIZONA ST TRANSN BRD HWY REV REF BDS 2023 (AZ)*	5.0%	Jul 1, 2030	$37,585,000	—	—
040654XK6	PREREFUNDED-SUB-SER A	5.0%	Jul 1, 2030	$14,130,000	—	—
040654WZ4	ARIZONA ST TRANSN BRD HWY REV REF BDS 2016 (AZ)*	5.0%	Jul 1, 2030	$21,550,000	Moody’s Aa1S&P AA+	—
040654XP5	UNREFUNDED BALANCE-SUB-SER A	5.0%	Jul 1, 2030	$17,610,000	Moody’s Aa2S&P AA+	—
040654YT6	ARIZONA ST TRANSN BRD HWY REV REF BDS 2026 (AZ)*	5.0%	Jul 1, 2030	$62,520,000	—	—
040654WA9	ARIZONA ST TRANSN BRD HWY REV SUBORDINATED HWY REV BD…	5.0%	Jul 1, 2030	$31,740,000	—	—
040647FC8	ARIZONA ST TRANSN BRD GRANT ANTIC NTS 2019 A (AZ)*	5.0%	Jul 1, 2030	$4,715,000	Moody’s Aa2S&P AA+Fitch AA	July 1, 2029
040654VN2	ARIZONA ST TRANSN BRD HWY REV SUBORDINATED HWY REV BD…	4.0%	Jul 1, 2030	$20,000,000	Moody’s Aa2S&P AA+	—
040654SG1	SER B	5.0%	Jul 1, 2030	$17,930,000	S&P AA+	—
040654TS4	ARIZONA ST TRANSN BRD HWY REV SUB HWY REV BDS 2011A (…	5.25%	Jul 1, 2030	$8,550,000	S&P AA+	—
040647EP0	ARIZONA ST TRANSN BRD GRANT ANTIC NTS 2017A (AZ)*	5.0%	Jul 1, 2030	$5,260,000	Moody’s Aa2S&P AA+Fitch AA	July 1, 2027
040654RE7	SER A	5.0%	Jul 1, 2030	$19,200,000	S&P AA+	—
040654YA7	ARIZONA ST TRANSN BRD HWY REV TAXABLE REF BDS 2020 (A…	2.462%	Jul 1, 2030	$37,280,000	Moody’s Aa1S&P AA+	—
040654YM1	ARIZONA ST TRANSN BRD HWY REV REF BDS 2023 (AZ)*	5.0%	Jul 1, 2031	$34,385,000	—	—
040654XA8	ARIZONA ST TRANSN BRD HWY REV REF BDS 2016 (AZ)*	5.0%	Jul 1, 2031	$22,625,000	Moody’s Aa1S&P AA+	—
040647EQ8	ARIZONA ST TRANSN BRD GRANT ANTIC NTS 2017A (AZ)*	5.0%	Jul 1, 2031	$5,520,000	Moody’s Aa2S&P AA+Fitch AA	July 1, 2027
040647FD6	ARIZONA ST TRANSN BRD GRANT ANTIC NTS 2019 A (AZ)*	5.0%	Jul 1, 2031	$4,955,000	Moody’s Aa2S&P AA+Fitch AA	July 1, 2029
040654YU3	ARIZONA ST TRANSN BRD HWY REV REF BDS 2026 (AZ)*	5.0%	Jul 1, 2031	$36,890,000	—	—
040654WR2	ARIZONA ST TRANSN BRD HWY REV REF BDS 2015 (AZ)*	5.0%	Jul 1, 2031	$36,565,000	Moody’s Aa1S&P AA+	—
040654RF4	SER A	5.0%	Jul 1, 2031	$20,160,000	S&P AA+	—
040654VP7	ARIZONA ST TRANSN BRD HWY REV SUBORDINATED HWY REV BD…	5.0%	Jul 1, 2031	$14,835,000	Moody’s Aa2S&P AA+	—
040654SH9	SER B	5.0%	Jul 1, 2031	$18,830,000	S&P AA+	—
040654TT2	ARIZONA ST TRANSN BRD HWY REV SUB HWY REV BDS 2011A (…	5.25%	Jul 1, 2031	$9,000,000	S&P AA+	—
040654VQ5	ARIZONA ST TRANSN BRD HWY REV SUBORDINATED HWY REV BD…	5.0%	Jul 1, 2032	$15,580,000	Moody’s Aa2S&P AA+	—
040647FE4	ARIZONA ST TRANSN BRD GRANT ANTIC NTS 2019 A (AZ)*	5.0%	Jul 1, 2032	$5,195,000	Moody’s Aa2S&P AA+Fitch AA	July 1, 2029
040654XB6	ARIZONA ST TRANSN BRD HWY REV REF BDS 2016 (AZ)*	5.0%	Jul 1, 2032	$19,535,000	Moody’s Aa1S&P AA+	—
040654YB5	ARIZONA ST TRANSN BRD HWY REV TAXABLE REF BDS 2020 (A…	2.662%	Jul 1, 2032	$3,045,000	Moody’s Aa1S&P AA+	July 1, 2030
040654TU9	ARIZONA ST TRANSN BRD HWY REV SUB HWY REV BDS 2011A (…	4.0%	Jul 1, 2032	$4,220,000	—	—
040654UM5	ARIZONA ST TRANSN BRD HWY REV SUB HWY REV BDS 2011A (…	5.25%	Jul 1, 2032	$5,250,000	S&P AA+	—
040654YN9	ARIZONA ST TRANSN BRD HWY REV REF BDS 2023 (AZ)*	5.0%	Jul 1, 2032	$37,285,000	—	—
040654RG2	SER A	5.0%	Jul 1, 2032	$21,165,000	S&P AA+	—
040654SJ5	SER B	5.0%	Jul 1, 2032	$19,770,000	S&P AA+	—
040654WS0	ARIZONA ST TRANSN BRD HWY REV REF BDS 2015 (AZ)*	5.0%	Jul 1, 2032	$38,385,000	Moody’s Aa1S&P AA+	—
040654YV1	ARIZONA ST TRANSN BRD HWY REV REF BDS 2026 (AZ)*	5.0%	Jul 1, 2032	$36,700,000	—	—
040647ER6	ARIZONA ST TRANSN BRD GRANT ANTIC NTS 2017A (AZ)*	5.0%	Jul 1, 2032	$5,800,000	Moody’s Aa2S&P AA+Fitch AA	July 1, 2027
040654WT8	ARIZONA ST TRANSN BRD HWY REV REF BDS 2015 (AZ)*	5.0%	Jul 1, 2033	$40,305,000	Moody’s Aa1S&P AA+	—
040654YP4	ARIZONA ST TRANSN BRD HWY REV REF BDS 2023 (AZ)*	5.0%	Jul 1, 2033	$37,885,000	—	—
040654SL0	SER B	5.0%	Jul 1, 2033	$20,355,000	S&P AA+	—
040654RH0	SER A	5.0%	Jul 1, 2033	$22,225,000	S&P AA+	—
040654VR3	ARIZONA ST TRANSN BRD HWY REV SUBORDINATED HWY REV BD…	5.0%	Jul 1, 2033	$16,360,000	Moody’s Aa2S&P AA+	—
040654YW9	ARIZONA ST TRANSN BRD HWY REV REF BDS 2026 (AZ)*	5.0%	Jul 1, 2033	$40,635,000	—	—
040647FF1	ARIZONA ST TRANSN BRD GRANT ANTIC NTS 2019 A (AZ)*	5.0%	Jul 1, 2033	$5,455,000	Moody’s Aa2S&P AA+Fitch AA	July 1, 2029
040654XC4	ARIZONA ST TRANSN BRD HWY REV REF BDS 2016 (AZ)*	5.0%	Jul 1, 2033	$24,905,000	Moody’s Aa1S&P AA+	—
040654SK2	SER B	4.5%	Jul 1, 2033	$400,000	S&P AA+	—
040654XD2	ARIZONA ST TRANSN BRD HWY REV REF BDS 2016 (AZ)*	5.0%	Jul 1, 2034	$26,150,000	Moody’s Aa1S&P AA+	—
040654YX7	ARIZONA ST TRANSN BRD HWY REV REF BDS 2026 (AZ)*	5.0%	Jul 1, 2034	$42,670,000	—	—
040654VS1	ARIZONA ST TRANSN BRD HWY REV SUBORDINATED HWY REV BD…	5.0%	Jul 1, 2034	$17,175,000	Moody’s Aa2S&P AA+	—
040647FG9	ARIZONA ST TRANSN BRD GRANT ANTIC NTS 2019 A (AZ)*	5.0%	Jul 1, 2034	$5,735,000	Moody’s Aa2S&P AA+Fitch AA	July 1, 2029
040654VT9	ARIZONA ST TRANSN BRD HWY REV SUBORDINATED HWY REV BD…	5.0%	Jul 1, 2035	$18,035,000	Moody’s Aa2S&P AA+	—
040654XE0	ARIZONA ST TRANSN BRD HWY REV REF BDS 2016 (AZ)*	5.0%	Jul 1, 2035	$10,205,000	Moody’s Aa1S&P AA+	—
040654YC3	ARIZONA ST TRANSN BRD HWY REV TAXABLE REF BDS 2020 (A…	2.912%	Jul 1, 2035	$16,940,000	Moody’s Aa1S&P AA+	July 1, 2030
040654YY5	ARIZONA ST TRANSN BRD HWY REV REF BDS 2026 (AZ)*	5.0%	Jul 1, 2035	$43,125,000	—	—
040654XF7	ARIZONA ST TRANSN BRD HWY REV REF BDS 2016 (AZ)*	5.0%	Jul 1, 2036	$10,715,000	Moody’s Aa1S&P AA+	—
040654VU6	ARIZONA ST TRANSN BRD HWY REV SUBORDINATED HWY REV BD…	5.0%	Jul 1, 2036	$18,935,000	Moody’s Aa2S&P AA+	—
040654TV7	ARIZONA ST TRANSN BRD HWY REV SUB HWY REV BDS 2011A (…	5.0%	Jul 1, 2036	$42,745,000	S&P AA+	—
040654YZ2	ARIZONA ST TRANSN BRD HWY REV REF BDS 2026 (AZ)*	5.0%	Jul 1, 2036	$42,460,000	—	—
040654VV4	ARIZONA ST TRANSN BRD HWY REV SUBORDINATED HWY REV BD…	5.0%	Jul 1, 2037	$19,885,000	Moody’s Aa2S&P AA+	—
040654ZA6	ARIZONA ST TRANSN BRD HWY REV REF BDS 2026 (AZ)*	5.0%	Jul 1, 2037	$38,165,000	—	July 1, 2036
040654ZB4	ARIZONA ST TRANSN BRD HWY REV REF BDS 2026 (AZ)*	5.0%	Jul 1, 2038	$40,070,000	—	July 1, 2036
040654YD1	ARIZONA ST TRANSN BRD HWY REV TAXABLE REF BDS 2020 (A…	3.166%	Jul 1, 2038	$53,980,000	Moody’s Aa1S&P AA+	July 1, 2030
040654VW2	ARIZONA ST TRANSN BRD HWY REV SUBORDINATED HWY REV BD…	5.0%	Jul 1, 2038	$20,880,000	Moody’s Aa2S&P AA+	—
040654ZC2	ARIZONA ST TRANSN BRD HWY REV REF BDS 2026 (AZ)*	5.0%	Jul 1, 2039	$25,000,000	—	July 1, 2036
040654ZD0	ARIZONA ST TRANSN BRD HWY REV REF BDS 2026 (AZ)*	5.0%	Jul 1, 2040	$25,375,000	—	July 1, 2036
040654ZE8	ARIZONA ST TRANSN BRD HWY REV REF BDS 2026 (AZ)*	5.0%	Jul 1, 2041	$26,645,000	—	July 1, 2036
040654ZF5	ARIZONA ST TRANSN BRD HWY REV REF BDS 2026 (AZ)*	5.0%	Jul 1, 2042	$27,975,000	—	July 1, 2036
040654ZG3	ARIZONA ST TRANSN BRD HWY REV REF BDS 2026 (AZ)*	5.0%	Jul 1, 2043	$29,375,000	—	July 1, 2036
040654ZH1	ARIZONA ST TRANSN BRD HWY REV REF BDS 2026 (AZ)*	5.0%	Jul 1, 2044	$30,845,000	—	July 1, 2036
040654ZJ7	ARIZONA ST TRANSN BRD HWY REV REF BDS 2026 (AZ)*	5.0%	Jul 1, 2045	$32,385,000	—	July 1, 2036
040654ZK4	ARIZONA ST TRANSN BRD HWY REV REF BDS 2026 (AZ)*	5.0%	Jul 1, 2046	$34,005,000	—	July 1, 2036

Market activity

EMMA · secondary trades · latest Sep 11, 2026

Each dot is a reported secondary trade — yield by trade date, sized by par, colored by trade side. Hover for detail.

Trade dateSecurityPriceYieldSizeSide

Sep 11 040654YQ2 101.84 2.64% 25,000 Customer Bought

Sep 11 040654YQ2 101.84 2.64% 25,000 Inter-Dealer Trade

Sep 11 040654YJ8 103.33 3.08% 40,000 Customer Sold

Sep 11 040654YS8 105.11 3.08% 50,000 Customer Bought

Sep 11 040654YS8 105.27 3.02% 400,000 Customer Bought

Sep 11 040654YS8 105.27 3.02% 400,000 Customer Sold

Sep 11 040654YS8 104.81 3.19% 50,000 Customer Sold

Trade prints reported to the MSRB — a live market signal a manual issuer page cannot show.

20 callable securities carry a stated call price — refunding candidates as rates move.

Arizona Transportation Board

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