DALLAS — Anticipating a default by June, Moody's Investors Service on Tuesday downgraded the concessionaire that built the State Highway 130 toll road near Austin to Caa3 from B1, affecting $1.1 billion of outstanding debt.

The five-notch downgrade comes six months after Moody's lowered the rating four notches to B1 from Baa3.  The outlook remains negative.

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