NU Online News Service, June 15, 12:05 p.m. EDT
Ambac's commutation settlements announced last week benefit remaining policyholders as the settlements are at a "substantial discount" to expected loss, according to Moody's.
In a June 7 statement and filings with the Securities and Exchange Commission, Ambac, the New York-based surety insurer, said that it reached an agreement with policyholders to convert all of its remaining $16.4 billion of collateralized debt obligations of asset-backed securities in a combination cash and debt payment.
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