Ambac Financial Group, New York, is seeking to bolster flagging ratings strained by the U.S. mortgage-woe-sparked global credit crunch through a public offering for at least $1 billion of shares of its common stock and a concurrent $500 million public offering of equity units. "This capital raise, along with our recent strategic actions, our increased emphasis on risk-adjusted returns over the course of an economic cycle, and a six-month suspension of the structured finance business, will strengthen our capital base," said Michael Callen, Ambac's chairman and chief executive officer. One of the three major rating agencies, Fitch Ratings, has questioned whether the move will be enough to give the company the triple-A rating it seeks.
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