Standard & Poor's Rating Services has lowered its financial strength ratings on Ambac Assurance Corp. and MBIA Insurance Corp. from AAA to AA and placed them on CreditWatch with negative implications. S&P also lowered the ratings on the holding companies, Ambac Financial Group and MBIA Inc., from AA to A and from AA-minus to A-minus, respectively, and placed them on CreditWatch with negative implications. Among the reasons given for the moves was "continuing deterioration in key areas of the U.S. residential mortgage sector." S&P can be found online at http://www.standardandpoors.com.
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