NU Online News Service, May 12, 3:31 p.m. EDT
Ambac Financial Group reported a 2009 first quarter net loss of $393.2 million, narrowing its loss in comparison to the 2008 first quarter net loss of $1.7 billion.
The New York-based bond insurer said the reduced loss resulted primarily from a positive net change in fair value of credit derivatives. Net positive change in fair value of credit derivatives amounted to $1.5 billion for the quarter, versus a 2008 first quarter negative change in fair value of $1.7 billion.
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