Ambac Comments on Exposure to Bear Stearns
18 Marzo 2008 - 2:24PM
Business Wire
Ambac Financial Group, Inc. (NYSE: ABK) (Ambac) today announced
that it has no material exposure to Bear Stearns in its financial
guaranty and financial services businesses. In these areas, Ambac
is exposed to Bear Stearns through special purpose vehicles and, in
its capacity as, a servicer, a CDS counterparty, a remarketing
agent or an interest rate swap/cap provider. With respect to its
exposures, Ambac believes that all of its exposures to Bear Stearns
are sufficiently structured to protect Ambac from any material
loss. For example, Bear Stearns has substantially collateralized
its exposure to Ambac under its interest rate and cross-currency
swap agreements. Ultimately, Ambac expects that JP Morgan Chase
will assume the liabilities of Bear Stearns under these contracts.
Michael Callen, Chairman and CEO of Ambac Financial Group,
commented that, �We believe that we have limited exposure to Bear
Stearns and we will continue to monitor it closely. We understand
that, in times of market stress, it is particularly important to
communicate this information with investors and our other
constituents.� Forward-Looking Statements This release contains
statements that may constitute "forward-looking statements" within
the meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Any or all of management�s
forward-looking statements here or in other publications may turn
out to be wrong and are based on Ambac�s management�s current
belief or opinions. Ambac�s actual results may vary materially, and
there are no guarantees about the performance of Ambac�s
securities. Among events, risks, uncertainties or factors that
could cause actual results to differ materially are: (1)�changes in
the economic, credit, foreign currency or interest rate environment
in the United States and abroad; (2)�the level of activity within
the national and worldwide credit markets; (3)�competitive
conditions and pricing levels; (4)�legislative and regulatory
developments; (5)�changes in tax laws; (6) changes in our business
plan, including changes resulting from our decision to discontinue
writing new business in the financial services area, to
significantly reduce new underwriting of structured finance
business and to discontinue all new underwritings of structured
finance business for six months; (7)�the policies and actions of
the United States and other governments; (8)�changes in capital
requirements whether resulting from downgrades in our insured
portfolio or changes in rating agencies� rating criteria or other
reasons; (9)�changes in Ambac�s and/or Ambac Assurance�s credit or
financial strength ratings; (10)�changes in accounting principles
or practices relating to the financial guarantee industry or that
may impact Ambac�s reported financial results; (11)�inadequacy of
reserves established for losses and loss expenses; (12)�default by
one or more of Ambac Assurance�s�portfolio investments, insured
issuers, counterparties or reinsurers; (13)�credit risk throughout
our business, including large single exposures to reinsurers;
(14)�market spreads and pricing on insured collateralized debt
obligations (�CDOs�) and other derivative products insured or
issued by Ambac; (15)�credit risk related to residential mortgage
securities and CDOs; (16)�the risk that holders of debt securities
or counterparties on credit default swaps or other similar
agreements seek to declare events of default or seek judicial
relief or bring claims alleging violation or breach of covenants by
Ambac or one of its subsidiaries; (17)�the risk that our
underwriting and risk management policies and practices do not
anticipate certain risks and/or the magnitude of potential for loss
as a result of unforeseen risks; (18)�the risk of volatility in
income and earnings, including volatility due to the application of
fair value accounting, or FAS 133, to the portion of our credit
enhancement business which is executed in credit derivative form;
(19)�operational risks, including with respect to internal
processes, risk models, systems and employees; (20)�the risk of
decline in market position; (21)�the risk that market risks impact
assets in our investment portfolio; (22)�the risk of credit and
liquidity risk due to unscheduled and unanticipated withdrawals on
investment agreements; (23)�changes in prepayment speeds on insured
asset-backed securities; (24) factors that may influence the amount
of installment premiums paid to Ambac; (25)�the risk that we may be
required to raise additional capital, which could have a dilutive
effect on our outstanding equity capital and/or future earnings;
(26)�our ability or inability to raise additional capital,
including the risks that regulatory or other approvals for any plan
to raise capital are not obtained, or that various conditions to
any plan, either imposed by third parties or imposed by Ambac or
its Board of Directors, are not satisfied and thus potentially
necessary capital raising transactions do not occur, or the risk
that for other reasons the Company cannot accomplish any
potentially necessary capital raising transactions; (27)�the risk
that Ambac�s holding company structure and certain regulatory and
other constraints, including adverse business performance, affect
Ambac�s ability to pay dividends and make other payments; (28)�the
risk of litigation and regulatory inquiries or investigations, and
the risk of adverse outcomes in connection therewith, which could
have a material adverse effect on our business, operations,
financial position, profitability or cash flows; (29)�other
additional factors described in the Risk Factors section of Ambac�s
Current Report on Form 8-K dated March 12, 2008 and in its Annual
Report on Form 10-K for the fiscal year ended December 31, 2007 and
in and also disclosed from time to time by Ambac in its subsequent
reports on Form 10-Q and Form 8-K, which are or will be available
on the Ambac web site at www.ambac.com and at the SEC�s web site,
www.sec.gov; and (30)�other risks and uncertainties that have not
been identified at this time. Readers are cautioned that
forward-looking statements speak only as of the date they are made
and that Ambac does not undertake to update forward-looking
statements to reflect circumstances or events that arise after the
date the statements are made. You are therefore advised to consult
any further disclosures we make on related subjects in Ambac�s
reports to the SEC. 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 guarantor of
public finance and structured finance obligations, has earned
triple-A ratings from Moody's Investors Service, Inc. and Standard
& Poor's Ratings Services; and a double-A rating from Fitch,
Inc. Moody's, Standard & Poor's and Fitch all maintain a
�negative outlook.� Ambac Financial Group, Inc. common stock is
listed on the New York Stock Exchange (ticker symbol ABK).
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