Press Release

Ambac Requests That Moody’s Withdraw its Ratings

 

NEW YORK, April 7, 2011 - Ambac Assurance Corporation (Ambac) today requested that Moody’s Investors Service, Inc. (“Moody’s”) withdraw its ratings of Ambac and each of its affiliates.  As a result, the rating agreement between Ambac and Moody’s has been terminated as of the date hereof. 

 

About Ambac Assurance

Ambac Assurance is a guarantor of public finance and structured finance obligations, and is the principal operating subsidiary of Ambac Financial Group, Inc. (Ambac Financial).

Ambac Financial, headquartered in New York City, is a holding company whose affiliates provided financial guarantees and financial services to clients in both the public and private sectors around the world. Ambac Financial filed for a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (“Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of New York (“Bankruptcy Court”). Ambac Financial will continue to operate in the ordinary course of business as “debtor-in-possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and the orders of the Bankruptcy Court.  Ambac Financial’s common stock trades in the over-the-counter market under ticker symbol ABKFQ.

 

Investor Contact: Michael Fitzgerald
(212) 208-3222
mfitzgerald@ambac.com