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Stock Market & Financial Investment News

News Breaks
July 8, 2013
18:40 EDTAMBCAmbac Financial says Detroit liabilities are obligations of general account
Ambac believes that the proposal put forth by the City of Detroit's state-appointed emergency manager, as well as the failure on the part of the State of Michigan to protect the status of general obligation bonds, is harmful to Detroit and the interests of taxpayers in Michigan. Ambac has hired Harrison J. Goldin of Goldin Associates to help advise Ambac on Detroit. Additionally, in response to investor inquiries on the matter, Ambac confirms that the liabilities associated with its Detroit insured exposure are obligations of Ambac's general account. Ambac honors general account claims with full, timely payments in accordance with the terms of such policies. Ambac's current insured exposure is Detroit limited tax GO $92.7M net par; and Detroit unlimited tax GO $77.6M net par.
News For AMBC From The Last 14 Days
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February 11, 2016
08:34 EDTAMBCAmbac Financial reduces net par exposure by 9% in Q4 to about $108.3B
Ambac Financial announced that its principal operating subsidiaries, including Ambac Assurance Corporation, collectively reduced the net par exposure of their insured portfolios by 9% during the quarter ended December 31, 2015 to approximately $108.3B from $119B at September 30, 2015. Adversely Classified Credits also were reduced by approximately 9%, or $2B, in the fourth quarter. The $10.7B reduction in net par was accelerated by several company-led initiatives, including the following notable transactions: $882M of net par exposure to Eurotunnel; $111M of net par exposure to pooled aircraft lease securitizations; $603M of student loan net par exposure, including $182M to South Carolina Student Loan Corp. and $399M to National Collegiate Student Loan Trust; and $229M of net par exposure to the Puerto Rico Highways and Transportation Authority.

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