AUSTIN, Tex. -- Wall Street analysts yesterday lauded efforts to closely watch debt levels, but they cautioned state officials to tailor debt limits to their unique revenue and budget structures.

Analysts from the three major rating agencies told the first-ever gathering of the State Debt Management Network, an outgrowth of the National Association of State Treasurers, that many states are trying to limit debt use to 5% of annual general fund expenditures at a time when some investors are skittish about government finance.

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