BRADENTON, Fla. - An analyst yesterday recommended that investors "be highly cautious in purchasing any bonds" issued by Alabama or its localities as two Jefferson County commissioners pushed once again to file what would be the largest municipal bankruptcy ever in the U.S.

Those latest developments came as Gov. Bob Riley continued to negotiate with the county's creditors over restructuring $3.2 billion of troubled sewer debt, most of which is in auction- and variable-rate mode.

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