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

Report title: Research Update: S&PCORRECT: Ambac Assurance Corp. Ratings Lowered To 'BBB' And Placed On CreditWatch Negative

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

Price $175.00 available for immediate download

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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. On June 24, 2009, Standard&Poor's Ratings Services lowered its counterparty credit, financial strength, and financial enhancement ratings on Ambac Assurance Corp. to 'BBB' from 'A'. At the same time, Standard&Poor's also lowered the ratings on related entities and placed all of the ratings on CreditWatch with negative implications. The downgrade stems from our view that Ambac is effectively in runoff. We also lowered

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RESEARCH Ratings Definitions Research Update: S&PCORRECT: Ambac Assurance Corp. Ratings Lowered To '###' And Placed On CreditWatch Negative Publication date: 24-Jun-2009 Primary Credit Analyst: David Veno, New York (1) 212-438-2108;...

Report Type:

Research Update

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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