Bulletin: Ambac Assurance Corp. Rating Unaffected By CDO Termination - 2008/11/20 - S&P Credit Research

Report title: Bulletin: Ambac Assurance Corp. Rating Unaffected By CDO Termination

from S&P Credit Research
410 word report published Nov 20, 2008

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Abstract:

NEW YORK (Standard&Poor's) Nov. 20, 2008--Standard&Poor's Ratings Services said today its ratings on Ambac Assurance Corp. (A/Negative) are unaffected by the company's announcement late Wednesday of a settlement to commute certain mortgage-backed collateralized debt obligations contracts. Ambac benefits from the commutation because it is paying $1 billion to terminate transactions for which it had booked greater mark-to-market and impairment reserves. The difference will be recorded as positive adjustments to these accounts in the fourth quarter. The potential for these commutations to be completed was factored into our analysis when we reviewed the ratings on Ambac earlier this week (see the research update published Nov. 19, 2008, on RatingsDirect). In our opinion, while the company benefits from

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RESEARCH Ratings Definitions Bulletin: Ambac Assurance Corp. Rating Unaffected By CDO Termination Publication date: 20-Nov-2008 Primary Credit Analyst: Dick P Smith, New York (1) 212-438-2095; dick_smith@standardandpoors.com Media...

Report Type:

Bulletin

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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