WASHINGTON -- Lease financings for cultural, parks, and recreational projects carry greater risks than other lease financings, Standard & Poor's Corp. said in a CreditWeek Municipal article published yesterday.

But the number of actual defaults on such financings is likely to be limited, the agency said, given the "market caution" about lease financings stirred up by the default of the Richmond, Calif., Unified School District and the near-default of Brevard County. Fla.

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