"​Municipal Debt Securities May Be Next Danger Zone After SIVs" says Bloomberg. The article cites a report by CreditSights "The Muni Meltdown - Are TOBS the next SIVs?", and asks if the $​400 billion tender-​option bond marketplace, which sells some debt to municipal money market mutual funds, may be the next "​financial danger zone". The article and report cite concerns over bond insurers MBIA, FGIC and Ambac as potential risks to the TOB and variable-​rate demand note (​VRDN) marketplace. See also, "Ambac, MBIA Outlook Lowered by S&​P, ACA Cut to CCC".

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