January 22, 2008 / 3:42 PM / 12 years ago

Ambac CEO hopes to announce capital boost soon

NEW YORK, Jan 22 (Reuters) - Ambac Financial Group Inc ABK.N is seeing strong interest from investors in supplying the company with capital and hopes to have an announcement to make reasonably soon, Ambac’s interim chief executive said on Tuesday.

Speaking on a conference call, Chairman and Interim CEO Michael Callen said Ambac had planned last week to raise $1 billion or more. But after Moody’s Investors Service unexpectedly said it might cut Ambac’s ratings, Ambac did not know how much it needed to raise to maintain a top rating, Callen said.

Reporting by Dan Wilchins

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