Ambac Assurance Corp. Rating Cut To 'A' From 'AA'; Outlook Negative - 2008/11/19 - S&P Credit Research

Report title: Ambac Assurance Corp. Rating Cut To 'A' From 'AA'; Outlook Negative

from S&P Credit Research
807 word report published Nov 19, 2008

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Abstract:

NEW YORK (Standard&Poor's) Nov. 19, 2008--Standard&Poor's Ratings Services said today it lowered its financial strength rating on Ambac Assurance Corp. (Ambac) to 'A' from 'AA'. At the same time, Standard&Poor's lowered its ratings on holding company Ambac Financial Group Inc.'s (Ambac Financial) senior debt and hybrid security to 'BBB' and 'BB+' from 'A' and 'BBB+', respectively. The outlook on the ratings is negative. Standard&Poor's also lowered to 'BBB' from 'A' its ratings on preferred stock issued by Anchorage Finance Sub-Trusts I, II, III, and IV and Dutch Harbor Finance Sub-Trusts I, II, III, and IV (committed capital facilities supported by, and for the benefit of, Ambac). "The rating action on Ambac reflects

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RESEARCH Ratings Definitions Ambac Assurance Corp. Rating Cut To 'A' From '##'; Outlook Negative Publication date: 19-Nov-2008 Primary Credit Analyst: Dick P Smith, New York (1) 212-438-2095; dick_smith@standardandpoors.com Media...

Report Type:

Ratings Action

Ticker:

3432Z

Issuer:

Ambac Assurance Corp.

GICS:

Property & Casualty Insurance (40301040)

Sector:

Asset-Backed Commercial Paper, Asset-Backed Securities, Collateralized Debt Obligations, Commercial MBS, Corporations, Financial Institutions, Global Issuers, Insurance, International Public Finance, Public Finance, Residential MBS, Structured Finance, Utilities

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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