The New Jersey Transportation Trust Fund Authority Wednesday will issue $600 million of state appropriation-backed debt after Moody’s Investors Service downgraded such bonds last week to A1 from Aa3.

Moody’s last week lowered New Jersey’s general obligation credit to Aa3 from Aa2 and downgraded its appropriation debt to A1 from Aa3 due to the state’s weakened financial position, slow economic recovery, and no plan to replenish the state’s fund balances.

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