DALLAS — Amid major expansions, Texas’ top two toll road authorities are preparing variable-rate refundings expected to total about $200 million.

The North Texas Tollway Authority’s $100 million of 2011A bonds will refund Series 2008J. The bonds are backed by a direct-pay letter of credit from Morgan Stanley Bank, earning ratings of A1 from Moody’s Investors Service and A-plus from Standard & Poor’s.

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