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Ambac Smacked With Downgrade
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Updated from 10:44 a.m. EST
Fitch Ratings levied more bad news on the financial guarantor Ambac Financial (ABK Quote) on Friday, cutting its critical triple-A rating.
The rating agency slashed the premium triple-A rating to double-A for Ambac Assurance Corp., Ambac Assurance UK Ltd. and Connie Lee Insurance Co. and cut holding company Ambac Financial Group from double-A to single-A.
The ratings action comes after Ambac said it was abandoning plans, unveiled just Wednesday, to raise $1 billion. On Thursday, Moody's Investor's Service also threatened to cut the troubled bond insurer's rating as well, sending its stock plummeting along with that of larger peer insurer MBIA(MBI Quote). ...
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