The North Carolina Department of Transportation expects to issue $250 million of grant anticipation revenue vehicle bonds on Monday after receiving a rating upgrade earlier this month.

Standard & Poor’s raised its rating to AA from AA-minus on North Carolina’s Series 2007 Garvee bonds while applying a AA rating with a stable outlook to the upcoming sale of Series 2009 bonds. The bonds are rated Aa3 by Moody’s Investors Service and AA-minus by Fitch Ratings.

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