I just listened to the CC and Dominic addressed these small troubled municipalities. He said that their logic is idiotic since their debt service is about 6% of their budget and that is not going to solve their lifetime pension & benefit problems. They will close the window for future financing and if they get any they will have to pay super high interest rates. He also said that these are immaterial to AGO and that they will drive the need for insurance . In other words because of these headlines investors in Muni's will demand insurance and this is good for AGO. Listen to the call these guys are very very good at what they do.