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 Ba3 rating from Moody's Investors Service, Inc. with a developing outlook and a BBB rating from Standard & Poor's Ratings Services on CreditWatch negative. Ambac Financial Group, Inc. common stock is listed on the New York Stock Exchange (ticker symbol ABK).

Ambac Assurance Corp - August 2008		Credit Opinion - Ambac Assurance Corporation - 04-15-09

Industry Reports

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

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