S&P lowers Ambac

Standard & Poor's said it lowered the counterparty credit rating on Ambac Assurance Corp. to BBB from A and placed all ratings on CreditWatch with negative implications.

"The downgrade stems from our view that Ambac is effectively in runoff," S&P analyst David Veno said in a statement. "We also lowered the ratings because of our belief that the likelihood of the company continuing as an operating entity capable of writing new business has decreased significantly."

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