BRADENTON, Fla. — Since Jefferson County, Ala., filed the county’s largest municipal bankruptcy in history last week, attention has largely focused on the county’s $3.14 billion of nonrecourse sewer system debt. But Moody’s Investors Service said Monday that the county’s general obligation warrants are potentially at risk because warrant holders must get in line with thousands of unsecured creditors to get paid.

Alabama’s largest county, and the seat of Birmingham, put $200.5 million of GO warrants into bankruptcy along with sewer, school, and other revenue warrants, after failing to reach a settlement with creditors to restructure the sewer debt.

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