BRADENTON, Fla. — Although Jefferson County, Ala.’s sewer debt has been rated at junk level for quite some time, Moody’s Investors Service said Monday that the appointment of a receiver for the sewer system is a positive credit development for the county and bond insurers.

County Circuit Judge Albert Johnson appointed a receiver for the sewer system last week and found that the county violated bond covenants, defaulted on the bonds, and failed to pay $515.9 million of principal payments accelerated between June 2008 and July of this year.

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