WASHINGTON -- The Environmental Protection Agency has dropped a controversial draft plan to establish a financial rating system for the 50 state revolving funds that could have posed conflicts for funds that have already obtained credit ratings, EPA and state officials said.

The agency's staff recently drafted a manual outlining plans to impose an elaborate system of financial reporting and standards on the revolving funds, which were set up under the Clean Water Act to help finance more than $100 billion of wastewater treatment projects nationwide.

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