WASHINGTON -- Though the fate of pending bank refor legislation is in question, some credit analysts are worried the bill could have an adverse impact on about $3.2 billion of tax-exempt bonds indirectly backed by federal deposit insurance.

The legislation currently would grandfather the debt, allowing it to continue to be covered by the Federal Deposit Insurance Corp. The House and Senate banking committees, however, have not yet begun deliberations on the bill, adding an element of uncertainty about the bonds' fate.

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