Ratings On Two Ambac Assurance Corp. Insurance-Supported MTNs Lowered To ?BBB? And Placed On Watch Negative - 2009/07/09 - S&P Credit Research

Report title: Ratings On Two Ambac Assurance Corp. Insurance-Supported MTNs Lowered To ?BBB? And Placed On Watch Negative

from S&P Credit Research
485 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 long-term ratings on two medium-term note (MTN) issues supported by Ambac Assurance Corp. insurance policies to 'BBB' from 'A' and placed the ratings on CreditWatch with negative implications (see list). The ratings on the two affected issues are based solely on the full financial guarantee insurance policies provided by Ambac Assurance Corp., which guarantee the timely payment of interest and principal according to the transactions' terms. Today's rating actions follow the June 24, 2009, lowering of our rating on Ambac Assurance Corp. to 'BBB' from 'A' and our placement of that rating on CreditWatch negative. RELATED RESEARCH "Methodology And Assumptions: Approach to Evaluating Letter Of

Brief Excerpt:

RESEARCH Ratings Definitions Ratings On Two Ambac Assurance Corp. Insurance-Supported MTNs Lowered To aÇÿBBBaÇÖ And Placed On Watch Negative Publication date: 09-Jul-2009 Primary Credit Analyst: Alexander Gombach, New York (1) 212-438-2882;...

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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