Moody's Puts Ambac on Review

January 16, 2008, 12:00 a.m. EST 1 Min Read

Moody's Investors Service placed the 'Aaa' insurance financial strength ratings of Ambac Assurance Corp. and Ambac Assurance U.K. on review for possible downgrade. In the same rating action, Moody's also placed the ratings of the holding company, Ambac Financial Group's senior debt at 'Aa2', and related financing trusts on review for possible downgrade. Moody's stated that today's rating action follows Ambac's announcement of record losses, a capital raising plan, and the retirement of its CEO.

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