The Virginia Port Authority expects to sell $65 million of bond anticipation notes on Tuesday as it grapples with slower shipping business amid the recession. The Bans are rated MIG-1 by Moody’s Investors Service and SP-1-plus by Standard & Poor’s.

Moody’s carries a negative outlook due to a substantial decrease in cargo shipments, which is expected to reduce debt service coverage levels. Shipments are expected to decline 18% in fiscal 2009.

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