Robert R. Godfrey, executive vice president at Municipal Bond Investors Assurance Corp., wrote this of Wilson White's book, The Municipal Bond Investment Advisor, reviewed in this space on Sept. 16:

"To dismiss the importance of credit quality, especially during the present recession, does a disservice to retail investors. There are sufficient examples of bondholders suffering from the results of credit deterioration (WPPSS, Philadelphia, and Bridgeport) to demonstrate convincingly that credit quality makes differnce.

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