Ambac Financial Group, Inc. Announces That It Expects No Resulting Claims from Exposure to London Underground
07 Luglio 2005 - 9:25PM
Business Wire
Ambac Financial Group, Inc. (NYSE:ABK) today announced that it has
exposure to two transactions related to the upgrade and maintenance
of the London Underground. The transactions are not dependent upon
"fare box" revenues or levels of ridership. The exposures total
gross and net par outstanding as of June 30, 2005, was
approximately $1.93 billion and $1.85 billion, respectively.
Terrorism risk on these transactions is covered by London
Underground Limited ("LUL"). LUL, in turn, is backed by Transport
for London, a central U.K. governmental agency that is responsible
for the transport system of London. Ambac does not expect to pay
claims as a result of this morning's tragic events. Ambac Financial
Group, Inc., headquartered in New York City, is a holding company
whose affiliates provide financial guarantees and financial
services to clients in both the public and private sectors around
the world. Ambac's principal operating subsidiary, Ambac Assurance
Corporation, a leading guarantor of public finance and structured
finance obligations, has earned triple-A ratings, the highest
ratings available from Moody's Investors Service, Inc., Standard
& Poor's Ratings Services, Fitch, Inc. and Rating and
Investment Information, Inc. Ambac Financial Group, Inc. common
stock is listed on the New York Stock Exchange (ticker symbol ABK).
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