As the municipal market’s sensitivity towards underlying credit grows, particularly in light of the subprime mortgage crisis and its effects on bond insurance, analysts and portfolio managers say they are sharpening their skills more than ever to guard against future unexpected risks.

When it comes to the research, market participants say that in the current market, in-depth qualitative analysis is just as important as — and in some cases more important than — quantitative analysis rooted in statistical and mathematical models.

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