Another Orange County, Calif., toll-road financing is coming to market shortly, but municipal analysts can breathe a little easier this time around -- this one at least will be secured by a letter of credit.

Undoubtedly, some analysts are still getting over the eye strain of studying Orange County's previous toll-road offering, involving $1.1 billion of senior and junior lien bonds for the San Joaquin Hills Transportation Corridor Agency. One analyst joked recently that he is still trying to finish the prospectus, which weighed in at roughly 350 pages for the senior lien portion alone.

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