“ In 1983, the Washington Public Power Supply System (WPPSS) defaulted on $2.25 billion of revenue bonds relating to troubled nuclear power
projects. Although penetration of insurance in the municipal
bond market is far lower today than when numerous triple-A insurers were active, the ability of Assured Guaranty to continue insuring municipal bonds
that were issued during a prolonged period of low interest rates and narrow credit spreads is evidence that a market continues to
exist for municipal bond insurance. ”