S&P: Ambac unaffected

Standard & Poor's said Ambac Financial Group Inc. announced plans to bolster its capital base by raising at least $1.5 billion in capital from common equity and equity units, reducing its common dividend and not writing new structured finance business for a six-month period.

Ambac also announced that it amended its business plan to eliminate certain structured finance lines of business. The company will exit its financial services businesses and plans to refocus its efforts on its remaining structured finance business lines. The company also said it is no longer contemplating separating its financial guaranty business into separate municipal and structured finance entities.

Ratings on Ambac Assurance Corp. and holding company Ambac Financial Group Inc. remain on CreditWatch with negative implications.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.