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Updated from 9:13 a.m. EST
Shares of bond insurer Ambac Financial Group (ABK Quote) were getting taken apart Thursday after Moody's placed the critical triple-A financial strength ratings of two units, Ambac Assurance Corp. and Ambac Assurance UK, on review for possible downgrades.
Moody's also put the ratings of the parent company, Ambac Financial, on review for a potential cut. Ambac Financial's senior debt is currently rated Aa2.
Following the move, Ambac was plunging 55% to $5.84. MBIA (MBI Quote), another bond insurer, was losing 28% to $9.71. Both were 52-week lows. ...
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