ATLANTA -- Sanwa Bank Ltd. said this week it will not provide a letter of credit for future tax-exempt commercial paper loans to Brevard County, Fla., citing market concerns that the county might renege on paying for a certificates o participation issue sold in 1989.

In a letter sent Monday, David J. Sellers, a vice president of public finance at Sanwa Bank in New York, wrote that because of a rating agency warning, the bank could not approve Brevard County's request for an additional $3 million loan. The loan would have been made under the Florida Association of Counties' commercial-paper loan program, for which Sanwa provides a letter of credit.

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