OK, I usually don’t get this deep into the weeds, but my friends over at Wells Fargo did a deep dive on the muni insurers related to Puerto Rico. Some are not looking pretty. Then add in Illinois and NJ, which WF don’t do. Oops. Another possible credit problem in the brewing in muni land, as in the insurers have deeply impaired capital, which means that future muni bonds have higher risk, etc. Not clear what actually happens, but this bears watching.