In spite of one of the more turbulent quarters in recent memory for the municipal market, the first-quarter league tables for bond insurers, letter of credit banks, bond counsel, and trustees show little divergence from the expected.

Financial Security Assurance Inc. earned top honors among the insurers, wrapping $14.4 billion of bonds through 507 transactions, according to preliminary data from Thomson Financial. The total was enough for the stable, triple-A rated insurer to corner 53.5% of the total market. Last year, FSA was the second-busiest, behind Ambac Assurance Corp., but with the recent downgrades to many of the monolines, FSA has risen to the top.

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