BRADENTON, Fla. - Analysts say Jefferson County, Ala.'s proposed sewer debt restructuring plan faces numerous challenges, including a dysfunctional bond market and skeptical investors who may demand interest rates that make a deal unworkable.

The lingering sewer debt crisis also has raised concerns about other credits in Alabama, which one market expert said has failed to quickly come to the aid of its most populous county, home to the city of Birmingham, as other states have done in similar cases.

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