Ambac Assurance Corp. Ratings Lowered To 'BBB' And Put On CreditWatch Negative - 2009/06/24 - S&P Credit Research

Report title: Ambac Assurance Corp. Ratings Lowered To 'BBB' And Put On CreditWatch Negative

from S&P Credit Research
655 word report published Jun 24, 2009

Price $100.00 available for immediate download

Report Overview

Search Inside

About S&P Credit Research

Abstract:

-- We believe that Ambac Assurance Corp. is effectively in runoff. -- Loss reserving increases have depleted surplus, boosting the likelihood of regulatory intervention, and we believe Ambac's prospects for writing new business are negligible. -- As a result, we have lowered our ratings on Ambac to 'BBB' from 'A' and placed them on CreditWatch negative. NEW YORK (Standard&Poor's) June 24, 2009--Standard&Poor's Ratings Services said today that it lowered its counterparty credit, financial strength, and financial enhancement ratings on Ambac Assurance Corp. to 'BBB' from 'A'. Standard&Poor's also said that it lowered the ratings on related entities and placed all of the ratings on CreditWatch with negative implications. "The downgrade stems from our view

Brief Excerpt:

RESEARCH Ratings Definitions Ambac Assurance Corp. Ratings Lowered To '###' And Put On CreditWatch Negative Publication date: 24-Jun-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

Free Sample:

Click Here to Download

Format:

HTML

Enter the keyword(s) which you would like to search for within this document and click "Search"

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 ...
Ambac Assurance Corp. $400.00
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 ...
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 ...

Price: $100.00

Free Sample

Questions about
this research?

Send page to a friend

Return to
Deal Snapshot

Can't Decide?

Purchasing premium research sight unseen can be intimidating. At Alacra we want you to know what you are getting. Visit our FAQ or ask our Customer Service Team any questions about the report you are considering purchasing.