Ambac Financial Group, Inc. (NYSE: ABK) (Ambac) today announced that Michael Callen, Ambac’s Chief Executive Officer, is scheduled to testify at a Congressional Hearing focused on the State of the Bond Insurance Industry on February 14th 2008 at 11:30 am, Eastern Time. Mr. Callen’s written testimony will be made available on the Company’s website at the start of the event.
Mr. Callen will note that the challenge facing Ambac is not one of meeting current obligations, but rather the need to achieve ratings stability to support Ambac’s future business. He will further discuss some of the factors that have heightened speculation and created undue fear in light of the exaggerated and inflated estimates related to losses. He will discuss the stability of Ambac’s financial position with over $14 billion in claims paying resources. Furthermore, he will assure all of Ambac’s stakeholders that the entire management team is committed to preserving the Company’s strong franchise and positioning it for stability and growth.
Forward-Looking Statements
This release, in particular the remarks of Mr. Callen, contains statements about our future results that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. We caution you that these statements are not guarantees of future performance. There are a variety of factors, many of which are beyond Ambac’s control, which affect the operations, performance, business strategy and results and could cause its actual results to differ materially from the expectations and objectives expressed in any forward-looking statements. These factors include, but are not limited to: (1) changes in the economic, credit, or interest rate environment in the United States and abroad; (2) the level of activity within the national and worldwide debt markets; (3) competitive conditions and pricing levels; (4) legislative and regulatory developments; (5) changes in tax laws; (6) the policies and actions of the United States and other governments; (7) changes in ratings issued by, or in capital requirements or other criteria of, rating agencies; (8) changes in accounting principles or practices that may impact the Company’s reported financial results; (9) the amount of reserves established for losses and loss expenses; (10) default of one or more of the Company’s reinsurers; (11) market spreads and pricing on insured pooled debt obligations and other derivative products insured or issued by the Company; (12) prepayment speeds on insured asset-backed securities and other factors that may influence the amount of installment premiums paid to the Company; and (13) other additional factors described in the Risk Factors section of Ambac’s Annual Report on Form 10-K for the fiscal year ended December 31, 2006, and also disclosed from time to time in its subsequent reports on Form 10-Q and Form 8-K, which are available on the Ambac website at www.ambac.com and at the SEC’s website, www.sec.gov. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements which speak only as of the date they are made. Ambac does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements are made. The reader should, however, consult any further disclosures Ambac may make in its future filings of its reports on Form 10-K, Form 10-Q and Form 8-K.
Ambac may also, from time to time, disclose financial information on a non-GAAP basis where management believes this information is valuable to investors in gauging the quality of Ambac’s financial performance and identifying trends.
Ambac Financial Group, Inc., headquartered in New York City, is a holding company whose affiliates provide financial guarantees and financial services to clients in both the public and private sectors around the world. Ambac’s principal operating subsidiary, Ambac Assurance Corporation, a leading guarantor of public finance and structured finance obligations, has earned triple-A ratings from Moody’s Investors Service, Inc. and Standard & Poor’s Ratings Services; and a double-A rating from Fitch, Inc. Moody’s has placed Ambac’s triple-A rating on review for possible downgrade. Standard & Poor’s has placed Ambac’s triple-A rating on “credit watch negative.” Fitch has placed Ambac's double-A rating on “rating watch negative.” Ambac Financial Group, Inc. common stock is listed on the New York Stock Exchange (ticker symbol ABK).
Contacts:
Investor/Media:
Peter Poillon,
212-208-3333
ppoillon@ambac.com
or
Vandana
Sharma, 212-208-3314
vsharma@ambac.com
Web
site: www.ambac.com
