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Rating Cut On Ambac

Last week, rating agency Moody’s cut Ambac Financial Group’s (ABK) debt rating to “C" from “Ca." This move was fueled by Ambac’s announcement that it might seek bankruptcy protection if it is unsuccessful in restructuring its debt. The company’s main unit Ambac Assurance Corporation (AAC) has been hit by regulators, who have taken up the rehabilitation of a portion of its liabilities. The rating “C" reflects high probability of default and very low debt recovery.<a href="http://www.istock″>[More...]


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