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MIAMI-The port of Miami is currently selling a record $389 million of debt to help boost its cargo business in preparation with the widening of the Panama Canal.

Investors are not pleased however with the port’s ballooning debt that has seen its bond load triple in the last four years, according to Bloomberg News. For example, Moody’s Investors Service recently cut the port’s debt rating to four steps above junk, citing the growing debt load. Meanwhile, bondholders have pushed the extra yield over benchmark debt close to the highest level since February.

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