BRADENTON, Fla. — Bankrupt Jefferson County, Ala.'s $1.7 billion of new sewer warrants should be rated in the B or Ba range, reflecting "substantial-to-high credit risk," according to a special report by Moody's Investors Service.

Moody's was not asked to rate the deal and said that its comments, which were published Wednesday, are part of the rating agency's ongoing efforts to analyze industry trends and distressed credits.

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