In the weeks after the long-awaited downgrade of Assured Guaranty Municipal Corp. and Assured Guaranty Corp. by Moody’s Investors Service, little if any impact can be seen in the municipal bond market.

Generally, most market participants had been expecting a downgrade — though maybe not a multi-notch downgrade to A2 from Aa3 — and most still believe that AGM’s bond insurance product provides value.

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