Ambac Anticipates No Material Claims Due To World Trade Center Tragedy.Business Editors RONKONKOMA, N.Y.--(BUSINESS WIRE)--Sept. 13, 2001 Ambac Financial Group Ambac Financial Group (NYSE: ABK) is an American Insurer of bonds, including municipal bonds. Ambac Financial Group, Inc. (NYSE: ABK) is a holding company whose subsidiaries provide financial guarantee products and other financial services to clients in both , Inc. (NYSE NYSE See: New York Stock Exchange :ABK) (Ambac), announced today that at this time it does not expect any material claims as a result of the World Trade Center tragedy. Ambac has no material exposure to losses with respect to the World Trade Center or other real estate located in the area. Ambac will continue to update the market as events unfold. Ambac has approximately $160 million in net par exposure to the World Financial Center through exposure to the Battery Park City Authority The Hugh L. Carey Battery Park City Authority is a New York State public benefit corporation whose mission is to plan, create, co-ordinate and maintain a balanced community of commercial, residential, retail, and park space within its designated 92-acre site on the lower west side . This exposure is secured by payments in lieu of real estate taxes that are payable over the term of the transaction. Ambac has $40 million in net par exposure to the New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. Educational Construction Fund. These bonds financed construction of a school located just north of Battery Park City and are ultimately secured by lease payments from New York City. Additionally, Ambac has approximately $157 million in net par exposure to the Port Authority of New York and New Jersey Port Authority of New York and New Jersey, self-sustaining public corporation established in 1921 by the states of New York and New Jersey to administer the activities of the New York–New Jersey port area, which has a waterfront of c. Consolidated Revenue Bonds. These bonds are backed by the general revenues of the Port Authority, including revenues from bridges, tunnels, ports and airports. In the event that any Ambac-insured transaction defaults in the payment of principal or interest, Ambac will make payments in accordance with the relevant policy. Ambac Financial Group, Inc., headquartered in New York City, is a holding company whose affiliates provide financial guarantees and financial services to clients in both the public and private sectors around the world. Ambac's principal operating subsidiary, Ambac Assurance Corporation Ambac Assurance Corporation A subsidiary of publicly traded Ambac Financial Group that provides financial guarantees for municipal borrowers and for asset-backed and structured issues. , a leading guarantor of municipal and structured finance obligations, has earned triple-A ratings, the highest ratings available from Moody's Investors Services, Inc., Standard & Poor's Ratings Services, Fitch, Inc. and Rating and Investment Information, Inc. |
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