CHICAGO — Missouri, a rare issuer, will enter the market with two refundings totaling $500 million later this year to generate both ongoing present-value savings and up-front savings that are built into Gov. Jay Nixon’s proposed $23 billion fiscal 2013 budget.

The transactions are similar to refundings the triple-A rated state completed last year that generated savings for both fiscal 2012 and 2013 budgets by pushing off near-term maturities. While rating agencies frown on such one-time maneuvers as a sign of fiscal stress, the refundings also are generating significant present-value savings, and in some cases the state has shortened the final maturity schedule.

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