Ambac's Chairman and CEO to Testify at House Subcommittee on February 14th, 2008
13 Février 2008 - 11:35PM
Business Wire
Ambac Financial Group, Inc. (NYSE: ABK) (Ambac) today announced
that Michael Callen, Ambac�s Chief Executive Officer, is scheduled
to testify at a Congressional Hearing focused on the State of the
Bond Insurance Industry on February 14th 2008 at 11:30 am, Eastern
Time. Mr. Callen�s written testimony will be made available on the
Company�s website at the start of the event. Mr. Callen will note
that the challenge facing Ambac is not one of meeting current
obligations, but rather the need to achieve ratings stability to
support Ambac�s future business. He will further discuss some of
the factors that have heightened speculation and created undue fear
in light of the exaggerated and inflated estimates related to
losses. He will discuss the stability of Ambac�s financial position
with over $14 billion in claims paying resources. Furthermore, he
will assure all of Ambac�s stakeholders that the entire management
team is committed to preserving the Company�s strong franchise and
positioning it for stability and growth. Forward-Looking Statements
This release, in particular the remarks of Mr. Callen, contains
statements about our future results that may constitute
�forward-looking statements� within the meaning of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
We caution you that these statements are not guarantees of future
performance. There are a variety of factors, many of which are
beyond Ambac�s control, which affect the operations, performance,
business strategy and results and could cause its actual results to
differ materially from the expectations and objectives expressed in
any forward-looking statements. These factors include, but are not
limited to: (1) changes in the economic, credit, or interest rate
environment in the United States and abroad; (2) the level of
activity within the national and worldwide debt markets; (3)
competitive conditions and pricing levels; (4) legislative and
regulatory developments; (5) changes in tax laws; (6) the policies
and actions of the United States and other governments; (7) changes
in ratings issued by, or in capital requirements or other criteria
of, rating agencies; (8) changes in accounting principles or
practices that may impact the Company�s reported financial results;
(9) the amount of reserves established for losses and loss
expenses; (10) default of one or more of the Company�s reinsurers;
(11) market spreads and pricing on insured pooled debt obligations
and other derivative products insured or issued by the Company;
(12) prepayment speeds on insured asset-backed securities and other
factors that may influence the amount of installment premiums paid
to the Company; and (13) other additional factors described in the
Risk Factors section of Ambac�s Annual Report on Form 10-K for the
fiscal year ended December 31, 2006, and also disclosed from time
to time in its subsequent reports on Form 10-Q and Form 8-K, which
are available on the Ambac website at www.ambac.com and at the
SEC�s website, www.sec.gov. Accordingly, readers are cautioned not
to place undue reliance on forward-looking statements which speak
only as of the date they are made. Ambac does not undertake to
update forward-looking statements to reflect the impact of
circumstances or events that arise after the date the
forward-looking statements are made. The reader should, however,
consult any further disclosures Ambac may make in its future
filings of its reports on Form 10-K, Form 10-Q and Form 8-K. Ambac
may also, from time to time, disclose financial information on a
non-GAAP basis where management believes this information is
valuable to investors in gauging the quality of Ambac�s financial
performance and identifying trends. Ambac Financial Group, Inc.,
headquartered in New York City, is a holding company whose
affiliates provide financial guarantees and financial services to
clients in both the public and private sectors around the world.
Ambac�s principal operating subsidiary, Ambac Assurance
Corporation, a leading guarantor of public finance and structured
finance obligations, has earned triple-A ratings from Moody�s
Investors Service, Inc. and Standard & Poor�s Ratings Services;
and a double-A rating from Fitch, Inc. Moody�s has placed Ambac�s
triple-A rating on review for possible downgrade. Standard &
Poor�s has placed Ambac�s triple-A rating on �credit watch
negative.� Fitch has placed Ambac's double-A rating on �rating
watch negative.� Ambac Financial Group, Inc. common stock is listed
on the New York Stock Exchange (ticker symbol ABK).
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