January 18, 2008 / 7:41 PM / in 11 years

Fitch slashes Ambac Assurance's top "AAA" rating

NEW YORK, Jan 18 (Reuters) - Fitch Ratings on Friday cut the top “AAA” rating of Ambac Assurance Corp, the insurance unit of Ambac Financial Group ABK.N, citing the bond insurer’s decision to scrap a $1 billion equity issue.

Ambac Assurance’s rating was cut two notches to “AA,” the third highest rating, from “AAA.”

Fitch also downgraded the parent company Ambac Financial’s long-term rating three notches to “A,” the sixth highest rating, from “AA.” Fitch said that more rating cuts are possible.

Reporting by Neil Shah, Editing by Chizu Nomiyama

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