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NOVEMBER 19, 2008, 9:55 A.M. ET

S&P Gives 3-Notch Downgrade To Ambac's Key Unit

Article
Comments

Standard & Poor's Ratings Services slapped the key operating unit of bond insurer moved Ambac Financial Group Inc. (ABK) with a three-notch downgrade due to the potential for further losses in collateralized-debt obligations.

CDOs, which use sliced-and-diced assets such as subprime mortgages to create customized products offering ...