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June 27 (Reuters) - Moody's:
* Says there were four municipal credit defaults in calendar year 2016, all related to Puerto Rico with a total default volume of $22.6 billion
* Says number of defaulted issuers could more than double this year compared with 2016 as more Puerto Rico credits default or are restructured
* Says "vast majority of the municipal market remains stable and highly rated, but changes are manifesting"