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Ambac Financial Group Suspends Dividend
Bond insurance firm Ambac Financial(ABK Quote) announced late Wednesday that it will terminate its dividend payouts, effective immediately.
The company said the dividend suspension will save $11.5 million annually and help assuage its liquidity problems. The company had previously reduced its dividend to a penny per quarter.
Ambac stock is down over 94% on the year, as the company has struggled to stay afloat amid record losses and liquidity concerns. Back in November, Moody's cut its ratings on the bond insurer, citing several financial woes. ...
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