TUCSON - The growth of leasing may have reached its peak because of recession-induced pressures on state and local finances and a heightened wariness among buyers about the risks of lease securities, participants at a conference here said yesterday.

"I think the leasing market has peaked, at least in the West," said David Brodsly, West Coast manager of Moody's Investors Service and a former Los Angeles finance official. "It is a financing tool that can be of use primarily where the local economy and budget are growing." he said.

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