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Ambac: Co Able To Achieve Its Immediate Objectives >ABK

Last Update: 3/14/2008 9:42:10 AM

DOW JONES NEWSWIRES

Ambac Financial Group Inc.’s (ABK) chairman said in a letter to shareholders that
the company has been able to achieve its immediate objectives of enhancing
capital position and improving its position with the rating agencies.

The New York bond insurer said it now has the “resources from which to build its
future.”

Ambac said it has over $15 billion of claims-paying resources, sufficient to meet
Moody’s and S&P’s criteria to retain a triple-A rating.

In addition, the company said loss projections stated in news headlines were
“simply projections” and based on “limited data.”

Ambac also said the company never considered a “bailout.”

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