@gray-light (#999) below WCAG minimum contrast
Created by: ssorallen
According to Web Content Accessibility Guidelines, the minimum contrast ratio between <18px text and its background should be 4.5:1. #999 on #fff (@gray-light / ".text-muted" on "body") has a contrast ratio of 2.85:1, lower than recommended even for large text.
#767676 for @gray-light would give a contrast ratio of 4.54:1 and pass for all sizes of text.
I used the WebAIM Color Contrast Checker to test the values.