Ambac disappoints, CIFG rating downgraded

07 Mar 2008

Ambac Financial, parent company of bond insurer Ambac Assurance, on Wednesday announced plans to raise at least $1bn of capital through an equity offering. It will also stop writing structured finance business for six months.

It is offering at least $1bn of shares of common stock, with a par value of $0.01 per share. The underwriters have a 30 day option to buy additional shares to cover over-allotments, if there are any.

Credit Suisse, Citigroup, UBS and Bank of America are joint bookrunners ...

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