Friday, March 14, 2008

Good News

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.''

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