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Ambac gains on Moody’s cautious assessment

Goldman expects Ambac and MBIA to raise another $3.4 billion each

By Alistair Barr, MarketWatch

Last Update: 4:22 PM ET Apr 24, 2008

SAN FRANCISCO (MarketWatch) — Ambac Financial shares rallied more than 7% on
Thursday after influential ratings agency Moody’s Investors Service issued a
cautiously supportive assessment of the bond insurer’s huge quarterly loss. Rival
MBIA Inc. also gained.

Ambac shares slumped 43% to a record low on Wednesday after the company reported
first-quarter losses that far exceeded analyst estimates. The results increased
concerns that the bond insurer may need to raise more capital to keep its crucial
AAA ratings.

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