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Ambac Guaranteed Investment Contract-Backed Ratings Lowered To 'AA'; On CreditWatch Negative Jun 08
Standard & Poors, June 2008
Abstract
NEW YORK (Standard & Poor's) June 6, 2008--Standard & Poor's Ratings Services lowered its standard long-term ratings on 20 Ambac Assurance Corp.-backed issues listed below to 'AA' from 'AAA' and placed them on CreditWatch with negative implications. At the same time, Standard & Poor's lowered its underlying ratings (SPUR) on seven Ambac Assurance Corp.-backed issues listed below to 'AA' from 'AAA' and placed them on CreditWatch with negative implications. These actions follow Standard & Poor's downgrade of Ambac Assurance Corp. to 'AA' from 'AAA' and placement on CreditWatch with negative implications. Please see 'Ambac And MBIA Financial Strength Ratings Lowered To ?AA? And Placed On CreditWatch Negative', RatingsDirect, June 5, 2008, for further information. Nineteen of the issues receive partial...
Companies mentioned in this report are: Athens Hsg Auth,San Francisco City & Cnty Redev Agy,New York State Dorm Auth,Illinois Hsg Dev Auth,Chicago,Florida Hsg Fin Corp,Palm Beach Cnty Hsg Fin Auth,Miami Dade Cnty Hsg Fin Auth ,Nevada Hsg Div,St Louis Cnty Indl Dev Auth,Bountiful,St Johns Cnty Hsg Fin Auth,Atlanta Hsg Auth,Hawaii Hsg Comnty Dev Corp,Ambac Assurance Corp.,Raleigh Housing Authority,Hillsborough Cnty Hsg Fin Auth
Action: Downgraded
Action: On CreditWatch:Negative
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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