DALLAS — With a growing budget crisis on the horizon, Texas is seeking to lower its finance costs with a $342 million tax-exempt refunding deal next week.

The negotiated deal with book-runner Barclays Capital is the first general obligation bond issue from the Texas Public Finance Authority since Moody’s Investors Service and Fitch Ratings upgraded the state to triple-A as part of their new global ratings scale in April. The state was previously rated Aa1 by Moody’s and AA-plus by Fitch.

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