Standard & Poor’s late Wednesday raised the counterparty credit rating of Ambac Assurance Corp. to 'CC' from 'SD', selective default. The agency also affirmed Ambac’s financial strength rating of 'CC' and changed its outlook on the guarantor to developing from negative.

“The developing outlook reflects our view that Ambac’s financial position has improved, but that the potential for regulatory intervention remains high,” S&P’s analysts said in the research update.

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