Ambac Assurance Corp. Downgraded To 'CC' From 'BBB'; Outlook Developing - 2009/07/28 - S&P Credit Research

Report title: Ambac Assurance Corp. Downgraded To 'CC' From 'BBB'; Outlook Developing

from S&P Credit Research
961 word report published Jul 28, 2009

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Abstract:

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 minimums. As a result, we have lowered our rating on Ambac to 'CC' from 'BBB'. NEW YORK (Standard&Poor's) July 28, 2009--Standard&Poor's Ratings Services said today that it lowered its counterparty credit, financial strength, and financial enhancement ratings on Ambac Assurance Corp (Ambac) to 'CC' from 'BBB' and removed them from CreditWatch, where they were placed on June 24, 2009, with negative implications. The outlook is developing. Standard&Poor's also said that it lowered its counterparty credit rating on

Brief Excerpt:

RESEARCH Ratings Definitions Ambac Assurance Corp. Downgraded To '##' From '###'; Outlook Developing Publication date: 28-Jul-2009 Primary Credit Analyst: David Veno, New York (1) 212-438-2108; david_veno@standardandpoors.com Secondary...

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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