Moody's Investors Service yesterday upgraded the Port Authority of New York and New Jersey's $9.35 billion of consolidated bonds to Aa3 from A1 and upgraded the authority's $505.6 million of versatile structure bonds to A1 from A2.

The rating changes come as the Port Authority is planning a $700 million consolidated bond transaction, set to price this month, with half of the debt to be taxable and the other half subject to the alternative minimum tax. Moody's assigns its global-scale rating of Aa1 to the taxable portion of the sale.

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