Ambac Comments on Recent Moody's Report
17 Gennaio 2008 - 3:16PM
Business Wire
Ambac Financial Group, Inc. (NYSE: ABK) (�Ambac�), the parent
company of Ambac Assurance Corporation, today commented on a
January 16, 2008 announcement by Moody�s Investors Service that it
has placed Ambac Assurance Corporation�s �Aaa� insurance financial
strength rating on review for possible downgrade. In view of the
uncertainty generated by Moody�s surprising announcement, Ambac is
assessing the impact of this action on the Company�s previously
announced capital plan. Management remains confident in Ambac�s
insured portfolio and will communicate further on these matters in
its previously scheduled conference call on Tuesday, January 22,
2008 at 10 a.m. (ET). The call in number to listen in is
877-407-0778 (U.S.) and 201-689-8565 (outside the U.S.). The
conference call will also be webcast live at www.ambac.com.
Forward-Looking Statements This release contains statements about
our future results that may constitute �forward-looking statements�
within the meaning of the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. These statements are
based on management�s current expectations and are subject to
uncertainty and changes in circumstances. Actual results may differ
materially from those included in these statements due to a variety
of factors. More information about these factors is contained in
Ambac�s filings with the Securities and Exchange Commission. There
are a variety of factors, many of which are beyond Ambac�s control,
which affect the operations, performance, business strategy and
results and could cause its actual results to differ materially
from the expectations and objectives expressed in any
forward-looking statements. Readers are cautioned not to place
undue reliance on forward-looking statements which speak only as of
the date they are made. Ambac does not undertake to update
forward-looking statements to reflect the impact of circumstances
or events that arise after the date the forward-looking statements
are made. The reader should, however, consult any further
disclosures Ambac may make in its future filings of its reports on
Form 10-K, Form 10-Q and Form 8-K. 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 from Moody�s
Investors Service, Inc., Standard & Poor�s Ratings Services and
Fitch, Inc. Moody�s has placed Ambac�s triple-A rating on review
for possible downgrade. Standard & Poor�s has placed Ambac�s
triple-A rating on �negative outlook.� Fitch has placed Ambac's
triple-A rating on �rating watch negative.� Ambac Financial Group,
Inc. common stock is listed on the New York Stock Exchange (ticker
symbol ABK).
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