WASHINGTON -- The tax-exempt market might find municipal vendor leases more attractive if a greater number were pooled and offered as asset-backed securities, according to Standard & Poor's Corp., but investment bankers report obstacles to selling the leases that way.

In a Credit Week Municipal article published Monday, Standard & Poor's analysts Steve Nelli and Tyler Goss endorsed the fledgling market in pooled lease-backed securities as a possible solution to problems that have arisen with attempts to remarket individual vendor leases.

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