Moody’s Investor Service has downgraded Ambac Assurance Corp., Ambac Assurance U.K. , and Ambac Financial Group.

Ambac Assurance and Ambac Assurance U.K. have been downgraded to ‘Caa2’ from ‘Ba3’ with a developing ratings outlook. The action was prompted by Ambac’s recently announced large loss reserve increase, as well as credit impairment charge estimated for the second quarter.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.