Fitch investors Service plans today to release a study of municipal bond insurers that awards Financial Guaranty Insurance Co., the only insurer with a Fitch rating, a "gold medal" for the lowest overall default risk in the industry.

The report, entitled "Bond Insurers' Crystal Ball," uses a five-part test to determine how much risk municipal insurers have in their portfolios. Fitch said AMBAC Indemnity Corp. has the second lowest exposure, followed by Municipal Bond Investors Assurance Corp., which "squeezes by" Capital Guaranty Insurance Co. for third place.

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