Notes

1. The National Association of Insurance Commissioners, “Issues in Municipal Default Analysis,” November 19, 2010.

2. “A Note on Default Methodology,” Distressed Debt Securities Newsletter, September 2011.

3. Standard & Poor’s, “U.S, Public Finance Defaults and Rating Transition Data: 2010 Update,” March 2, 2011; “2010 Annual Global Corporate Default Study and Rating Transitions,” March 30, 2011.

4. Fitch Ratings, “Fitch Ratings U.S. Public Finance 2010 Transition and Default Study,” March 25, 2011.

5. Standard & Poor’s/J.J. Kenny, “A Complete Look at Monetary Defaults in the 1990s,” June 2000.

6. Municipal Market Advisors, Weekly Advisor, October 3, 2011.

7. Fitch Ratings, “Default Risk and Recovery Rates on U.S. Municipal Bonds,” January 9, 2007.

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