Entries tagged "Ambac Assurance"
Shares of MBIA Insurance Corp. and Ambac Assurance Corp. nosedived Wednesday afternoon as Moody's Investors Service announced it may downgrade its credit ratings on the two bond insurers. The possible downgrade is a result of deteriorating financial conditions at both bond insurers attributed to the mortgage-fueled credit crunch. MBIA fell 80 cents, or 13%, to $5.82 while Ambac dropped 47 cents, or 16%, to $2.52 as Moody's placed its Aaa rating on MBIA and Ambac on its review for possible downgrade. Moody's warned that it may downgrade MBIA one level to Aa and Ambac two notches to A. ...
