Ambac Sells Advisory Services Subsidiary RangeMark
Ambac Financial Group, Inc. (NYSE: ABK) (Ambac) announced today that it has completed the sale of its advisory services subsidiary, RangeMark Financial Services, Inc. (“RangeMark”) to the company’s management. The sale was completed on Friday, July 16, 2010. Ambac will continue to contract with RangeMark for certain valuation services for a period of time.
Ambac Financial Group, Inc., 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's principal operating subsidiary, Ambac Assurance Corporation, a guarantor of public finance and structured finance obligations, has a Caa2 rating under review for possible upgrade from Moody's Investors Service, Inc. and an R rating (regulatory intervention) financial strength rating from Standard & Poor's Ratings Services. Ambac Financial Group, Inc. common stock is listed on the New York Stock Exchange (ticker symbol ABK).
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