Fitch: Ambac still on watch

Fitch Ratings said Ambac Financial Group, Inc.'s A long-term rating remains on Rating Watch negative, along with its A ratings on $400 million 5.95% senior unsecured notes due Dec. 5, 2035, $142.5 million 9 3/8% senior unsecured debentures due Aug. 1, 2011 and $75 million 7½% senior unsecured debentures due May 1, 2023 and its A- rating for its $400 million subordinated notes due Feb. 7, 2087.

The company announced plans to raise at least $1 billion in common stock and $500 million in equity units.

Fitch said it is continuing its updated review of Ambac's capital position, which was first announced on Feb. 5.

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