BRADENTON, Fla. – As underwriters began pricing the sewer warrants critical to Jefferson County, Ala.’s exit from bankruptcy on Friday, investors and analysts continued to express concern about the political and legal security of the rate increases necessary to repay the debt.

The county’s political resolve and legal requirements to raise sewer system rates over the next 40 years to pay back $1.8 billion in sewer warrants came across as a sticking point for several participants in a teleconference Friday to discuss the rationale for Fitch Ratings’ non-investment grade for the debt.

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