Ambac Financial Group Inc - Current report filing (8-K)
18 Janvier 2008 - 3:40PM
Edgar (US Regulatory)
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
January 18, 2008 (January 17, 2008)
AMBAC FINANCIAL GROUP, INC.
(Exact name of Registrant as specified in its charter)
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Delaware
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1-10777
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13-3621676
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(State of incorporation)
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(Commission file number)
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(I.R.S. employer identification no.)
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One State Street Plaza, New York, New York 10004
(Address of principal executive offices) (Zip Code)
(212) 668-0340
(Registrants telephone number, including area code)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4c))
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On January 17, 2008, Ambac
Financial Group, Inc. (Ambac) issued a press release announcing that Moodys Investors Service (Moodys) has placed Ambac Assurance Corporations and Ambac Assurance UK Limiteds Aaa insurance
financial strength rating on review for possible downgrade. Ambac, Ambac Assurance Corporation and Ambac Assurance UK Limited shall be collectively referred to herein as the Company. A copy of the press release, filed as Exhibit 99.01 to
this Current Report on Form 8-K and is incorporated by reference herein.
In addition, Moodys has placed on possible downgrade
Ambacs Aa2 senior unsecured debt rating and financing trusts and, Aa3 junior subordinated debt rating and (P)A1 provisional rating on preferred stock. As a result of Moodys review, the Moodys-rated securities that are
wrapped or guaranteed by Ambac are also placed under review for possible downgrade, except those with higher public underlying ratings. Moodys stated that this action follows Ambacs announcement of record losses, a capital
raising plan, and the retirement of its CEO.
Moodys review of the Companys ratings will focus on risk in the Companys
insured portfolio and execution of its capital plan, as well as new managements ability to formulate and execute strategic and operational plans in the rapidly evolving market for financial guaranty insurance.
Certain statements in this document and the exhibit are forward looking statements within the meaning of the Private Securities Litigation
Reform Act. These statements are based on managements current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those included in these statements due to a variety of factors.
More information about these factors is contained in Ambacs filings with the Securities and Exchange Commission.
Item 9.01
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Financial Statements and Exhibits
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(d) Exhibits.
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Exhibit
Number
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Item
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99.01
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Press release, dated January 17, 2008, issued by Ambac Financial Group, Inc.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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Ambac Financial Group, Inc.
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(Registrant)
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Dated: January 18, 2008
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By:
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/s/ Anne Gill Kelly
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Anne Gill Kelly
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Managing Director, Corporate Secretary
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Assistant General Counsel
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INDEX TO EXHIBITS
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Exhibit
Number
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Description of Exhibit
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99.01
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Press release, dated January 17, 2008, issued by Ambac Financial Group, Inc
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