Ambac Announces the Creation of a Team to Address Issues in the Short Term Municipal Markets
04 Aprile 2008 - 11:03PM
Business Wire
Ambac Financial Group, Inc. (NYSE: ABK) (Ambac) today announced
that it has established a team dedicated to addressing the issues
its clients are facing in the Auction Rate Securities and Variable
Rate Debt markets. Michael Callen, Chairman and CEO of Ambac,
commented that, �Many of Ambac�s clients are suffering from penalty
interest rates that have increased the financing costs of even
highly rated borrowers. We have been processing consents for a wide
range of issuers and have successfully approved numerous
amendments. Having a dedicated team will allow us to further
streamline our efforts in response to an upsurge in requests for
assistance.� Diana Adams, who is heading the team, said, �Ambac�s
goal is to offer clients a menu of options and allow them to pick
which best addresses their needs, for expedited execution.
Additionally, personalized approaches will be crafted where
appropriate. While the stress in today�s markets transcends any one
issuer or guarantor, Ambac�s efforts will be aimed at reducing the
pain caused by current market conditions to the extent possible.�
Potential approaches include adding temporary or permanent
liquidity enhancements, facilitating repurchases by the issuers of
their wrapped securities and helping issuers switch to intermediate
term interest rates. Ambac will work with issuers to create
innovative solutions which are tailored to their varying risk
profiles. A menu of options will be presented to issuers in the
coming week. 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).
Grafico Azioni AMBAC (NYSE:ABK)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni AMBAC (NYSE:ABK)
Storico
Da Lug 2023 a Lug 2024
Notizie in Tempo Reale relative a Ambac Financial Grp. Common Stock (Borsa di New York (NYSE)): 0 articoli recenti
Più Ambac Financial Group, Inc. Articoli Notizie