The Delaware River Joint Toll Bridge Commission sold $98 million of bridge system revenue refunding bonds Thursday after receiving positive outlooks on its ratings.

Both Moody's Investors Service and Standard & Poor's revised their outlooks to positive from stable.

Moody's affirmed its A2 rating, citing the commission's dominant market position, which analysts say is an essential component of the transportation network and economy of the Delaware River Valley and the northeastern U.S. region.

The outlook revision was based on improvements to the commission's financial profile following the implementation of toll increases.

Standard & Poor's affirmed its A-minus rating, based on an expectation that the commission will likely maintain financial metrics at or above existing levels and will prudently implement its capital plan in the medium-term.

"We could raise the rating if the commission's metrics trend positively during the next two years while not adding additional debt without identified funding sources," said S&P analyst Anita Pancholy.

The Series A bonds have maturities from 2013 through 2030. The Series B bonds, which are federally taxable, will mature from 2013 through 2018. The tax-exempt bonds will be subject to early redemption.

JPMorgan priced the bonds with yields ranging from 0.85% in 2016 to 3.27% in 2030 for the tax-exempt bonds.

The taxable bonds priced at par with a 1.008% coupon in 2014 and a 2.184% coupon in 2018. Bonds maturing in 2013 were offered via sealed bid.

The toll bridge system includes seven tolled bridges and 13 non-tolled bridges in New Jersey and Pennsylvania.

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