Executives at Moody's Investors Service and Standard & Poor's Corp. say they are hesitant to rate bonds connected to New York State's multibillion-dollar transportation program until they finish evaluating a court case challenging the sale of these securities.

Officials at the two major credit-rating companies made these assessments last week, as the state interviewed potential underwriters for a $200 million slice of the $4 billion, four-year transportation bonding program. The plan is designed to finance the rebuilding of state and local roads and bridges.

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