Puerto Rico is gearing up for a nearly $4 billion subordinate sales-tax bond deal this month as rating agencies yesterday boosted the commonwealth's $5.2 billion of existing sales-tax debt into the double-A category.

Standard & Poor's and Moody's Investors Service upgraded the outstanding senior-lien bonds to AA-minus and Aa3 from A-plus and A1, respectively. The outlook is stable for both ratings.

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