CHICAGO — Last year’s dire predictions that a coming record wave of expiring bank credit facilities would tax the municipal market did not come to fruition in the first quarter, according to a new report from Moody’s Investors Service.

Letters of credit and standby bond purchase agreements that support $130 billion of floating-rate debt are set to expire in 2011, an amount equal to more than one-third of the $380 billion VRDO market, according to data from the Securities Industry and Financial Markets Association cited by Moody’s.

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