Bond insurers aren't likely to see rating changes as a result of bankruptcies, though some may be refining their practices, Standard & Poor's said.

Large-scale bankruptcies like those in Stockton, Ca., and Detroit are uncommon in the municipal market and defaults won't pose a threat big enough to jeopardize insurers, S&P said in a report Tuesday. Strong capitalization and active participation in bankruptcy proceedings has contributed to the insurers' security.

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