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NEW YORK (MarketWatch) — Shares of Ambac surged 20% at the open Friday, while
rival MBIA Inc. rose 9.5% as Standard & Poor’s affirmed its AA ratings on both
bond insurers. Lehman Brothers shares also gained 5.8% in early action after a
regulatory disclosure Thursday showed billionaire George Soro’s hedge fund had
significantly raised its stake in the firm. [...]

S&P affirmed its ‘AA-/A-1+’ credit rating on Citigroup Inc. and its ratings on Citigroup’s units. Standard & Poor’s also said that it removed all these ratings from CreditWatch, where they were placed on April 15, 2008, with negative implications. The outlook on all these companies is negative. “Despite the challenges facing Citigroup over the next [...]