Ambac Has $15 Billion in Claims-Paying Resources, Callen Says
By Romaine Bostick
March 14 (Bloomberg) -- Ambac Financial Group Inc., the world's second-largest bond insurer, said it has more than $15 billion in claims paying resources and will be able to retain its AAA ratings and meet its immediate objectives.
``Ambac never considered a `bailout,''' Chairman and Chief Executive Officer Michael A. Callen said in a letter to policyholders released today. ``Many parties offered us capital alternatives, but, as I have said publicly, their terms were at an unacceptably high price.''