Municipalities with floating-rate debt, especially those with lower bond ratings, are likely to face high costs to renew their liquidity facilities this year and next — if they can obtain them at all.

More than $200 billion of state and local governments’ credit ­facilities — a term chiefly used to describe bank letters of credit and standby purchase agreements — are set to expire in 2010 and 2011, according to a ­Standard & Poor’s estimate based on ­Bloomberg data.

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