Moody's Investors Service said Monday that three plan support agreements with a majority of creditors holding Jefferson County, Ala.'s defaulted sewer warrants would result in an overall recovery rate of about 60% for investors holding $3.1 billion of outstanding debt.

"This level of recovery is consistent with Moody's Ca rating, which implies a recovery range of 35% to 65%," said analyst Christopher Coviello.

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