Ambac Assurance Corp. - 2009/08/18 - S&P Credit Research

Report title: Ambac Assurance Corp.

from S&P Credit Research
3652 word report published Aug 18, 2009

Price $400.00 available for immediate download

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Abstract:

Problem credits within the insured portfolio are currently limited to 2005–2007 vintage residential mortgage-backed securities (RMBS) and collateralized debt obligations (CDOs) of asset-backed securities (ABS). Conservative investment philosophy mitigates market volatility and credit quality concerns and supports strong liquidity. Further reserve strengthening could put pressure on surplus. The company is effectively in runoff with limited ability to bolster surplus. As the company's book of business runs off, it could become concentrated and lack sufficient sector diversity. The 'CC' rating on Ambac Assurance Corp. reflects Standard&Poor's Ratings Services' view that the company is effectively in runoff and in a weakened financial position. Although the company has received regulatory approval to release contingency reserves to bolster surplus, the rating reflects

Brief Excerpt:

RESEARCH Ratings Definitions Ambac Assurance Corp. Publication date: 18-Aug-2009 Primary Credit Analyst: David Veno, New York (1) 212-438-2108; david_veno@standardandpoors.com Secondary Credit Analyst: Dick P Smith, New York (1) 212-438-2095;...

Report Type:

Full Report

Ticker:

3432Z

Issuer:

Ambac Assurance Corp.

GICS:

Property & Casualty Insurance (40301040)

Sector:

Global Issuers, Public Finance, Structured Finance

Country:

United States

Region:

United States

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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

Also from S&P Credit Research

Ambac Assurance Corp. Counterparty Credit Rating Lowered To 'SD'; Financial Strength Rating Placed On Watch Positive $100.00
-- Ambac announced that it has commuted four collateralized debt securities, resulting in cash payments of $520 million, substantially less than the Standard&Poor's expected loss on those exposures. -- We are lowering the counterparty credit ...
Research Update: Ambac Assurance Corp. Counterparty Credit Rating Lowered To 'SD'; Financial Strength Rating Placed On Watch Positive $175.00
Ambac announced that it has commuted four collateralized debt securities, resulting in cash payments of $520 million, substantially less than the Standard&Poor's expected loss on those exposures. We are lowering the counterparty credit and ...
Summary: Ambac Assurance Corp. $175.00
The 'CC' rating on Ambac Assurance Corp. reflects Standard&Poor's Ratings Services' view that the company is effectively in runoff and in a weakened financial position. Although the company has received regulatory approval to release contingency ...
Ambac Assurance Corp. Credit Rating Outlook Revised To Negative; Ratings Affirmed $100.00
Ambac Assurance Corp. continues to experience adverse loss development in its insured book of business. We will view additional CDO of ABS commutations as distressed exchanges, and we believe that further losses and reserve additions and impairments ...
Research Update: Outlook On Ambac Assurance Corp. Credit Rating Revised To Negative; Ratings Affirmed $175.00
Ambac Assurance Corp. continues to experience adverse loss development in its insured book of business. We will view additional CDO of ABS commutations as distressed exchanges, and we believe that further losses and reserve additions and impairments ...
Ambac Assurance Corp. Downgraded To 'CC' From 'BBB'; Outlook Developing $100.00
Ambac Assurance Corp. continues to experience adverse loss development in its insured book of business. We believe it is now likely that losses and reserve additions and impairments will deplete policyholders' surplus to levels below the regulator-required ...
Research Update: Ambac Assurance Corp. Ratings Lowered To 'CC' From 'BBB'; Outlook Developing $175.00
Ambac Assurance Corp. continues to experience adverse loss development in its insured book of business. We believe that it is now likely that losses and reserve additions and impairments will deplete policyholders' surplus to levels below the ...
Ratings On Two Ambac Assurance Corp. Insurance-Supported MTNs Lowered To ?BBB? And Placed On Watch Negative $100.00
NEW YORK (Standard&Poor's) July 9, 2009--Standard&Poor's Ratings Services today lowered its long-term ratings on two medium-term note (MTN) issues supported by Ambac Assurance Corp. insurance policies to 'BBB' from 'A' and placed the ratings ...

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