type public traded as nasdaq ambc common stock and ambcw common stock purchase warrants industry financial services founded new york city u.s. 1971 headquarters new york city u.s. revenue us 3.91 billion fy 2009 1 operating income us 725 million fy 2009 1 net income us 14.6 million fy 2009 1 total assets us 18.9 billion fy 2009 2 total equity us 2.29 billion fy 2009 2 number of employees 367 website www.ambac.com the ambac financial group inc. generally known as ambac originally the american municipal bond assurance corporation is an american holding company . its subsidiaries provide financial guarantee products such as bond insurance and other financial services to clients in both the public and private sectors around the world . its common stock and common stock purchase warrants are listed on the nasdaq stock market under the symbols ambc and ambcw respectively . ambac is regulated by the insurance commission of wisconsin . through its financial services subsidiaries the company provides investment agreements interest rate swaps investment advisory and cash management services primarily to states municipalities and their authorities . it has its headquarters in lower manhattan new york city . 3 contents 1 credit rating 2 see also 3 references 4 external links credit rating edit ambac and other bond guarantors such as mbia were hit hard by the 2007 subprime mortgage financial crisis and on january 18 2008 its fitch credit rating was lowered from aaa the highest to aa when its plans to raise two billion dollars in new capital failed . 4 moody s and s & p however chose to affirm ambac s aaa with their agencies after it succeeded in raising 1.5 billion in new capital in march 2008 . 5 in early 2008 the spectre of the major bond guarantors failing to be able to pay off insurance claims on a trillion dollars of securities backed by sub prime mortgages and other securitized debt led to attempts to shore them up with infusions of capital . 6 on june 19 2008 moody s downgraded ambac s credit rating three notches to aa3 . 7 ambac s ratings continued to decline during 2008 2010 . moody s investors service lowered the rating of the senior unsecured debt of ambac financial group inc. ambac financial to c from ca and placed the caa2 insurance financial strength ratings ifsr of ambac assurance corporation aac on review for possible upgrade on 3 26 2010 . 8 on march 25 2010 standard & poor s ratings services revised its counterparty credit financial strength and financial enhancement ratings on ambac assurance corp. ambac to r from cc . 9 an r rating is a non investment grade rating . 10 on june 8 2010 ambac announced that it would likely seek a pre packaged bankruptcy as it was unable to pay dividends from its bond insurance unit to the holding company . since that time ambac has dropped appreciably in share price to approximately 0.50 per share as of the end of august 2010 . 11 ambac missed an interest payment on its debt on november 1 2010 12 and filed for chapter 11 bankruptcy protection on november 8 2010 . 13 14 ambac exited chapter 11 on may 1 2013 issuing 45 million new common shares and approximately 5 million new warrants to holders of allowed claims . see also edit new york city portal companies portal references edit a b c ambac financial group abk annual sec income statement filing via wikinvest a b ambac financial group abk annual sec balance sheet filing via wikinvest contact us . ambac financial group . retrieved on december 11 2009 . ambac s insurance unit cut to aa from aaa by fitch ratings article by christine richard jan. 19 bloomberg moody s s & p confirm ambac s aaa ratings article by alistair barr march 12 2008 marketwatch next on the worry list shaky insurers of bonds article by vikas bajaj and jenny anderson in the new york times january 24 2008 . marketwatch . stocks in focus for friday . fox business . http www.ambac.com pdfs ra 2010 march moody % 27s % 20downgrades % 20ambac % 20debt % 20to % 20c % 20and % 20reviews % 20caa2 % 20rating % 20for % 20upgrade % 20 % 2803 26 10 % 29.pdf http www.ambac.com pdfs ra 2010 march ambac % 20assurance % 20corp . % 20ratings % 20revised % 20to % 20 % 27r % 27 % 20following % 20regulatory % 20directive % 20 % 2803 25 2010 % 29.pdf standard & poor s long term credit ratings http www.marksmarketanalysis.com 2010 06 abc ambac likely to file bankruptcy.html spence john ; barr alistair november 1 2010 . ambac plunges on bankruptcy warning . marketwatch . archived from the original on 2 november 2010 . retrieved november 2 2010 . ambac chapter 11 voluntary petition pdf . pacermonitor . pacermonitor . retrieved 16 may 2016 . morath eric ; holm erik november 8 2010 . ambac files for bankruptcy . the wall street journal . archived from the original on 12 november 2010 . retrieved november 8 2010 . external links edit ambac website retrieved from https en.wikipedia.org w index.php title ambac & oldid 737689942 categories insurance companies of the united statescompanies based in new york citycompanies established in 1971companies that filed for chapter 11 bankruptcy in 20101971 establishments in new york navigation menu personal tools not logged intalkcontributionscreate accountlog in namespaces article talk variants views read edit view history more search navigation main pagecontentsfeatured contentcurrent eventsrandom articledonate to wikipediawikipedia store interaction helpabout wikipediacommunity portalrecent changescontact page tools what links hererelated changesupload filespecial pagespermanent linkpage informationwikidata itemcite this page print export create a bookdownload as pdfprintable version languages deutsch edit links this page was last modified on 4 september 2016 at 12 36 . text is available under the creative commons attribution sharealike license ; 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