Ratings On Two Ambac Assurance Corp. Insurance-Supported Bond Issues Lowered - 2009/07/09 - S&P Credit Research

Report title: Ratings On Two Ambac Assurance Corp. Insurance-Supported Bond Issues Lowered

from S&P Credit Research
613 word report published Jul 09, 2009

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Abstract:

NEW YORK (Standard&Poor's) July 9, 2009--Standard&Poor's Ratings Services today lowered its ratings on two bond issues supported by Ambac Assurance Corp. insurance policies (see list). The long-term rating on New York State Energy Research&Development Authority's bonds series 1995 is based on the higher of the rating on Ambac Assurance Corp. (BBB/Watch Neg), the insurance provider, and Orange and Rockland Utilities Corp. ('A-/A-2'), the obligor. The short-term rating is dependent on a standby bond purchase agreement provided by Wachovia Bank N.A. ('AA/A-1+'). The long-term rating on Red River Authority's bonds series 1996 is based on the higher of the rating on Ambac Assurance Corp., the insurance provider, and Southwestern Public Service Corp. ('BBB+/A-2'), the obligor.

Brief Excerpt:

RESEARCH Ratings Definitions Ratings On Two Ambac Assurance Corp. Insurance-Supported Bond Issues Lowered Publication date: 09-Jul-2009 Primary Credit Analyst: Alexander Gombach, New York (1) 212-438-2882; alexander_gombach@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

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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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