Shortly after two of the top three credit rating agencies improved their outlooks for the city to stable from negative, Pittsburgh sold $114.5 million of general obligation bonds to provide funds for overdue capital improvement projects and save money through a refunding.

In last Tuesday’s sale, the steel city priced $71.2 million of new-money bonds — taking in about $80 million as investors paid a premium — and $43.2 million in a refunding. The new-money issue was Pittsburgh’s first in five years and its first under Mayor Luke Ravenstahl, although the city undertook a refinancing in 2008.

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