NEW YORK - Reports that Dexia Group is in need of another bailout should have little impact on the U.S. municipal bond market as issuers have been steadily reducing their exposure to the troubled Franco-Belgian lender.

Dexia Group and its three main operating units were placed on review for downgrade earlier this week by Moody’s Investors Service amid concerns that the bank would need a second bailout by France and Belgium. The first bailout came in 2008 after the lender posted steep losses related to toxic assets, and it continues to struggle with its exposure to Greece and other sovereign credits.

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