Ambac Assurance Corp.'s New Preferred Shares Rated 'BBB' - 2008/12/10 - S&P Credit Research

Report title: Ambac Assurance Corp.'s New Preferred Shares Rated 'BBB'

from S&P Credit Research
554 word report published Dec 10, 2008

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Abstract:

NEW YORK (Standard&Poor's) Dec. 10, 2008--Standard&Poor's Ratings Services said it assigned its 'BBB' rating to the 32,000 auction market preferred shares to be issued by Ambac Assurance Corp. (Ambac; A/Negative financial strength rating) pursuant to the exercise of the company's right to put preferred shares to the Anchorage Finance and Dutch Harbor Finance Trusts. "The 'BBB' rating reflects the subordinated nature of these obligations relative to our 'A' assessment of Ambac's claims paying ability," said Standard&Poor's credit analyst Dick Smith. Ambac's 'A' financial strength rating reflects our view that its capital adequacy is currently sound but that its ability to write new business has been impaired and that it remains exposed to the potential

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RESEARCH Ratings Definitions Ambac Assurance Corp.'s New Preferred Shares Rated '###' Publication date: 10-Dec-2008 Primary Credit Analyst: Dick P Smith, New York (1) 212-438-2095; dick_smith@standardandpoors.com Media Contact: Mimi...

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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