Rating Agency Reports

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 a Caa2 rating from Moody's Investors Service, Inc. with a developing outlook and a CC rating from Standard & Poor's Ratings Services with a developing outlook. Ambac Financial Group, Inc. common stock is listed on the New York Stock Exchange (ticker symbol ABK).

Ambac Assurance Corp August 2009		Credit Opinion - Ambac Assurance Corporation - 01-22-10

Industry Reports

For The U S Bond Insurance There May Be No Turning Back -01-20-10 Ambac Assurance Corp 's Counterparty Credit Rating Raised To 'CC' On Modest Financial Improvement Outlook Developing -12-02-09 Ambac Assurance Corp Counterparty Credit Rating Lowered To 'SD' Financial Strength Rating Placed On Watch Positive -11-18-09 SP Corrects Aleutian Investments LLC 2001-A Juneau Investments LLC 2000-B Ratings - Others Placed On Watch Negative -09-18-09 Mortgage Related Losses Aren't Over for Bond Insurers -09-17-09 Methodology - The Interaction Of Bond Insurance And Credit Ratings - 08-24-09 Summary - 08-18-09 Outlook On Ambac Assurance Corp. Credit Rating Revised To Negative - 08-07-09 STRATS Trust For Ambac Financial Group Securities 2007-1 Class A Rating Lowered To 'C' - 08-04-09 Ambac Assurance Corp. Ratings Lowered To 'CC' From 'BBB'; Outlook Developing - 07-28-09 Ambac Assurance Corp. Ratings Lowered To 'BBB' and Placed On CreditWatch Negative - 06-24-09 For Bond Insurers, The Future Depends on Investor Confidence - 02-25-09 Monoline and Financial Institution Rating Volatility Drive Fourth-Quarter U.S. ABS Downgrades - 01-28-09 Ambac Assurance Corp. Rating Lowered To 'A' From 'AA'; Outlook Negative - 11-19-08 Projected Losses Have Widened For Bond Insurers with RMBS and CDO Exposure - 11-06-08 Market Disruption Provides Pricing Opportunity For Some Bond Insurers - 10-15-08 Bond Insurers Evaluate Business Prospects Amid Investor Uncertainty As RMBS Shakeout Continues - 09-23-08 Ambac Assurance Corporation Summary - 08-28-08 Ambac Assurance Corp. 'AA' Ratings Affirmed and Taken Off Watch Neg - Outlook Is Negative - 08-14-08 Ambac Assurance Corp. Rationale for June 5th Downgrade - 07-11-08 Ambac And MBIA Financial Strength Ratings Lowered To ‘AA’ And Placed On CreditWatch Negative - 06-05-08 Ambac Assurance Corp Removed From Credit Watch Negative; Outlook Negative - 03-12-08 Ambac Financial Group Inc. Announces Planned Financing; Ratings Unaffected - 03-05-08 Detailed Results Of Subprime Stress Test Of Financial Guarantors - 02-25-08 S&P Takes Additional Bond Insurer Rating Actions - 02-25-08 Ambac Assurance Corp. Ratings Placed On CreditWatch Negative - 01-18-08 S & P Updates Results Of Its Bond Insurance Stress Test For Revised Assumptions - 01-17-08 S & P Takes Rating Actions on Six Bond Insurers - December 2007 Detailed Results Of Subprime Stress Test of Financial Guarantors - December 2007 Significant Mark-To-Market Losses on Credit Derivatives Not Expected to Affect Bond Insurer Ratings - October 2007 Subprime Mortgage Sector Brings Mixed Developments for Bond Insurers - October 2007 Economic Woes Continue For ‘AAA’ Bond Insurers’ U.S. Public Finance Business - October 2007 Conditions Improve for Bond Insurers - October 2007 Corrected Report on Sub-Prime Exposure - June 2007 U.S. Bond Insurers Withstand Sub-Prime Stress - August 2007

Financial Guaranty Insurance Industry Outlook - 02-10 Ambac Capital Position Improved But Pressure on Capital and Liquidity Remains -11-30-09 Ambac's Commutations Boosted Its Regulatory Capital - 11-20-09 Methodology Update - Ratings Impact of Debt Service Reserve Funds That Rely on Financial Guarantor Surety Bonds 09-11-09 Moody's downgrades Ambac to Caa2; outlook is developing - 07-29-09 Moody's Downgrades Ambac to Ba3 - Outlook Developing - 4-13-09 Moodys reviews Ambacs ratings for possible downgrade - 3-3-09 The Changing Business of Financial Guarantee Insurance - 11-20-08 Moody's Downgrades Ambac to Baa1; Outlook is Developing - 11-05-08 Moody's Places Ratings of Ambac and MBIA on Review for Possible Downgrade - 09-18-08 Interpreting Financial Guarantors’ Mark-to-Market Losses - 07-08-08 Moody's Downgrades Ambac to Aa3; Outlook is Negative - 06-19-08 Moody's Reviews Ambac's Aaa Rating for Possible Downgrade - 06-04-08 Moody's Reiterates Negative Outlook on Ambac's Aaa Rating Following Earnings Announcement - 04-24-08 Moody's Confirms Ambac's Aaa Rating Changes Outlook to Negative - 03-12-08 Moody's Comments on Ambac's Announced Capital Increase - 03-05-08 Moody's Comments on Continuing Review of Ambac - 02-29-08 Moody's Reviews Ambac's Ratings for Possible Downgrade - 01-16-08 Financial Guarantors’ Rating Profile - Analysis and Rating Actions in a Period of Volatility - 12-20-2007 Moody's Announces Rating Actions on Financial Guarantors - 12-14-07 Press Release on FG Companies - 11-8-2007 Financial Guarantors' Subprime Risks: From RMBS to ABS CDOs - September 2007 Global Financial Guaranty Insurance Industry Outlook - December 2006