The North Carolina Turnpike Authority has received a conditional letter of commitment from Assured Guaranty Corp. that could allow it to issue its first bonds in June, says executive director, David Joyner.

The agency has been trying to bring a $650 million deal to market to build the 18.8 mile Triangle Expressway around Raleigh. The credit crisis blocked its access to credit enhancement. It would likely get a triple-B rating without insurance or a letter of credit, sources said.

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