Ambac Assurance UK Limited ('AUK') Instructs the Association of British Insurers to Conduct an Initial Holdings Enquiry for the
20 Février 2008 - 10:25PM
Business Wire
AUK has instructed the Association of British Insurers (the "ABI")
to undertake an initial holdings enquiry of the AUK guaranteed
Metronet SSL and BCV bonds. The holdings enquiry has been
instructed purely for informational purposes at this juncture and
does not relate to any specific proposal in relation to the
Metronet bonds at this time. Any holders of the Metronet SSL and
BCV bonds who are not members of the ABI and wish to record their
presence with AUK may do so by contacting Paul Burke on the above
details or the Bond Trustee for the attention of Stuart Harding
(stuart.harding@db.com). Deutsche is the Bond Trustee under the
Bond Trust Deed governing the SSL and BCV bonds. AUK insures the
�165m 2.8756 per cent. Index-Linked Guaranteed Secured Bonds due
2032 issued by Metronet SSL Finance plc [ISIN XS0166412279] and the
�350m 5.305 per cent. Fixed Rate Guaranteed Secured Bonds due 2032
issued by Metronet BCV Finance plc [ISIN XS0166411115]. The debt
was issued under Public Private Partnership contracts to finance
the operation, maintenance and the initial phase of asset upgrades
for part of the London Underground. Further information has been
released pursuant to a press release by AUK dated 13th February
2008. AUK�s unconditional and irrevocable guaranty remains in full
force and effect. Forward-Looking Statements This release 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.
These statements are based on management�s 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 Ambac Financial Group Inc.�s
(ultimate parent company to AUK) (�Ambac�) filings with the
Securities and Exchange Commission. 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. 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
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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