Ambac Financial Group Inc (AMBC)

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Ambac Announces Decision to Terminate Ratings Contract with Fitch Ratings Inc.
Wednesday June 18, 12:12 pm ET

NEW YORK--(BUSINESS WIRE)--Ambac Financial Group, Inc. (NYSE: ABK - News) (Ambac) today announced its decision to terminate its ratings contract with Fitch Ratings Inc. (Fitch). In conjunction with this action, Ambac issued the following statement:

Our decision to refocus and realign our business around our core expertise in the public finance and infrastructure sectors has led us to re-evaluate our ratings needs. As part of this review, we have asked Fitch to remove its ratings on Ambac and all its subsidiaries effective immediately.

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Ambac Financial Group, Inc., headquartered in New York City, is a holding company whose affiliates provide financial guarantees and financial services to clients in both the public and private sectors around the world. Ambac's principal operating subsidiary, Ambac Assurance Corporation, a guarantor of public finance and structured finance obligations, has earned triple-A ratings from Moody's Investors Service, Inc. and a double-A rating from Standard & Poor's Ratings Services; Standard & Poor's maintains a credit watch negative while Moody’s ratings is on review for possible downgrade. Ambac Financial Group, Inc. common stock is listed on the New York Stock Exchange (ticker symbol ABK).