ABK Ambac Financial Grp. Common Stock

Maintaining a high credit rating is critical to the success of bond insurers, as these companies rely on a high credit rating to guarantee lower rated debt. After experiencing catastrophic losses following the 2007 subprime mortgage crisis, bond insurers began to lose their AAA ratings and were forced to stop selling new guarantees. In late October, Assured Guaranty lost its AAA rating, leaving the bond insurance industry with zero companies holding the coveted highest score. The Bedford Report examines the outlook for companies in the Surety & Title Insurance Industry and provides research reports on Ambac Financial Group, Inc. (NYSE: ABK) and MBIA, Inc. (NYSE: MBI). Access to the full company reports can be found at:

www.bedfordreport.com/2010-11-ABK

www.bedfordreport.com/2010-11-MBI

Shares of Ambac plummeted over 50% to kick off November after the company decided to skip an interest payment on senior notes due in 2023. This news prompted Standard & Poor's Ratings Services to downgrade some ratings for Ambac to "D," or default status.

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Ambac also stated that it is working with bondholders to restructure debt through a "prepackaged bankruptcy," but may file for Chapter 11 bankruptcy before the end of the year. Earlier in the year Ambac said it might seek a prepackaged bankruptcy, but that its liquidity might not run out until the first quarter of 2011.

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