The Puerto Rico Aqueduct and Sewer Authority yesterday received its first investment-grade bond ratings in more than 10 years, snagging triple-B ratings from all three agencies in advance of a $1.2 billion tax-exempt deal set to price within the next 30 days.

Citi and Morgan Stanley are co-lead managers. Nixon Peabody LLP is bond counsel and the Government Development Bank for Puerto Rico is the financial adviser. Officials are still deciding whether to insure the bonds.

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