Ambac Announces Decision to Terminate Ratings Contract with Fitch Ratings Inc.
18 Giugno 2008 - 6:12PM
Business Wire
Ambac Financial Group, Inc. (NYSE: ABK) (Ambac) today announced its
decision to terminate its ratings contract with Fitch Ratings Inc.
(Fitch). In conjunction with this action, Ambac issued the
following statement: Our decision to refocus and realign our
business around our core expertise in the public finance and
infrastructure sectors has led us to re-evaluate our ratings needs.
As part of this review, we have asked Fitch to remove its ratings
on Ambac and all its subsidiaries effective immediately. 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 a double-A rating from Standard & Poor's
Ratings Services; Standard & Poor's maintains a credit watch
negative while Moody�s ratings is on review for possible downgrade.
Ambac Financial Group, Inc. common stock is listed on the New York
Stock Exchange (ticker symbol ABK).
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