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Ambac Gets Subpoenas From Conn Atty Genl Over Moody’s >ABK
Last Update: 5/12/2008 7:28:20 PM
DOW JONES NEWSWIRES
Ambac Financial Group Inc. (ABK) said Monday that it has received subpoenas from
Connecticut’s attorney general over his investigation into Moody’s Investors
Service’s municipal-bond rating practices.
The New York bond insurer said in a filing with the Securities and Exchange
Commission that the “focus [...]

CORRECT: Ambac Bond Claims Not On Countrywide Loans
Last Update: 5/9/2008 2:58:20 PM
Ambac Financial Group Inc. (ABK) had examined two transactions that contained
loans originated by Bear Stearns Cos. (BSC) and First Franklin Corp. (FFHS).

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Ambac Financial Group Inc. (ABK) didn’t insure any new issue utility or
health-care transactions in the first quarter but said opportunities for
secondary market transactions are “steadily increasing.”
The second-largest bond insurer also said in its first-quarter business activity
update that it remains committed to student loans over the long term.
Overall, Ambac said, “While volume and insured penetration have [...]

UPDATE: Moody’s: Ambac Still At Risk For Downgrade >ABK
Last Update: 4/24/2008 12:50:09 PM
DOW JONES NEWSWIRES
Moody’s Investor Service said Ambac Financial Group Inc.’s (ABK) operating unit
is still at risk for a downgrade after the bond insurer posted a $1.66 billion
loss on Wednesday.
Moody’s said that any further ratings action would be driven by the performance
of the mortgage [...]

NEW YORK (Dow Jones)–Bond insurers Ambac Financial Group Inc. (ABK) and MBIA
Inc. (MBI) each face about $12 billion in total losses on mortgaged-backed
securities and will need to raise more capital to keep their AAA insurer ratings,
Goldman Sachs told clients Thursday.
Ambac’s stock fell 43% to $3.46 Wednesday after it stunned investors with a $1.66
billion net loss, [...]

Shares of Ambac Financial Group Inc. (ABK) fell 42.6% Wednesday to close at an
all-time low of $3.46 as the company revealed subprime losses reaching ever more
deeply into its bond guarantee and credit derivatives businesses.
During its earnings conference call Wednesday, Michael Callen, Ambac’s chief
executive, said he saw continued deterioration and admitted the market has
performed worse than [...]

CHICAGO (Dow Jones)–Bond insurer Ambac Financial Group Inc. (ABK) has hired
outside legal and forensic experts to examine 17 of its financial guarantee
transactions and may seek to cancel the contracts if the experts uncover evidence
of fraud, David Wallis, Ambac’s chief risk officer, said Wednesday.
He singled out two specific transactions as examples of the type of transaction
that [...]

Ambac Financial Group Inc. (ABK) swung into the red in the first quarter on
another $1.73 billion in collateralized-debt-obligation losses and $1.04 billion
in loss provisions as the nation’s second-biggest bond insurer continued to be
weighed down by the credit crunch.
The company reported a net loss of $1.66 billion, or $11.69 a share, compared
with year-earlier net income of [...]

LONDON (MarketWatch) — Bond insurer Ambac Financial Group Inc. said Wednesday that it swung to a first-quarter loss of $1.66 billion, or $11.69 a share, from a profit of $213.3 million, or $2.02 a share, a year earlier. The group attributed the loss to a pretax $1.73 billion mark-to-market loss on its exposure to [...]

Ambac Financial Group Inc. (ABK) said it has worked with clients to help them
lower their borrowing costs on auction- and variable-rate debt.
The New York bond insurer said since January, more than $700 million in
conversions to Ambac-wrapped fixed-rate deals have been approved.
In addition, Ambac said it has been “active” in exploring and implementing
various amendments to provide [...]

Ambac Implements New SEC Rule for Internet Posting of Proxy Materials
NEW YORK, Apr 21, 2008 (BUSINESS WIRE) — Ambac Financial Group, Inc. (ABK)
(Ambac) today began mailing the “Notice of Internet Availability of Proxy
Materials” for its 2008 Annual Meeting of Stockholders under the new Notice and
Access rule of the U.S. Securities and Exchange Commission (”SEC”).
Ambac is [...]

FGIC: Investors In Talks To Back Bond Business
Last Update: 4/15/2008 3:07:26 PM
By Lavonne Kuykendall
Of DOW JONES NEWSWIRES
Weeks after first outlining its plans to split its bond-insurance business into
public and private units, FGIC Corp. says it has identified investors that may be
interested in providing the capital necessary to pull [...]

Standard & Poor’s assigned a “AAA” rating to Berkshire Hathaway Inc.’s (BRKA)
municipal bond insurance unit, standing in stark contrast to the deterioration of
other bond insurer ratings in recent months.
“The rating of (Berkshire Hathaway Assurance Corp.) is based on its extremely
strong competitive position, insurance and reinsurance capitalization, and
financial flexibility,” S&P wrote.
Berkshire Chairman and Chief Executive Warren [...]

Ambac Financial Group, Inc. Conference Call to Discuss First Quarter Earnings Set
for April 23, 2008 at 11 A.M. Eastern
NEW YORK, Apr 11, 2008 (BUSINESS WIRE) — Ambac Financial Group, Inc. (ABK)
announced that it will host a conference call for investors on April 23 at 11
a.m. Eastern to discuss first quarter 2008 earnings which are scheduled [...]