Ambac Assurance Corp. Credit Rating Outlook Revised To Negative; Ratings Affirmed - 2009/08/07 - S&P Credit Research

Report title: Ambac Assurance Corp. Credit Rating Outlook Revised To Negative; Ratings Affirmed

from S&P Credit Research
764 word report published Aug 07, 2009

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Abstract:

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 could deplete policyholders' surplus to levels below the regulator-required minimums. We have revised our outlook on the counterparty credit rating to negative from developing, but the outlook on the financial strength rating remains developing. In addition, we have affirmed out 'CC' counterparty credit, financial strength, and financial enhancement ratings on Ambac. NEW YORK (Standard&Poor's) Aug. 7, 2009--Standard&Poor's Ratings Services said today that it revised its outlook on its counterparty credit rating on Ambac Assurance Corp (Ambac) to negative from

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RESEARCH Ratings Definitions Ambac Assurance Corp. Credit Rating Outlook Revised To Negative; Ratings Affirmed Publication date: 07-Aug-2009 Primary Credit Analyst: David Veno, New York (1) 212-438-2108; david_veno@standardandpoors.com...

Report Type:

Ratings Action

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.

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