BRADENTON, Fla. – Jefferson County, Ala., announced a deal Tuesday intended to help it leap a major hurdle toward exiting the country’s largest municipal bankruptcy, but some early details are raising eyebrows about its long-term effects on the municipal bond market.

The deal with 78% of the county’s creditors holding sewer system debt hinges on the county emerging from bankruptcy in December and quickly going to the bond market to issue $1.835 billion of new sewer warrants that may be sold unenhanced to high-yield investors.

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