Ambac Provides Triple-A-Rated Guarantee for Northern Ireland PFI Transaction.NEW YORK -- 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 Ambac Assurance UK Limited recently provided a triple-A credit enhancement for the financing of new and updated roads in Northern Ireland. This financing was completed as part of the Government's ongoing Private Finance Initiative (PFI) investment in the provision transport services. The Department for Regional Development in Northern Ireland (the Authority) procured the Project for three schemes of works involving the upgrade operation and maintenance of approximately 125 kilometers of motorway and trunk roads. The winning consortium was a joint venture between Amey Ventures Limited and Whitemountain Investments Limited (collectively Amey Lagan Lagan (lăg`ən), river, c.40 mi (60 km) long, rising in Slieve Croob, SE Northern Ireland. It flows NW, then NE past Lisburn to Belfast Lough at Belfast. Roads Limited). A construction joint venture between Lagan Construction Limited and Ferrovial Agroman (Ireland) Limited will design and build the new facilities. Amey Infrastructure Limited will assume responsibility for the operation and maintenance of the facilities. Their contract with the Authority will run for 30 years. The bonds issued by Amey Lagan Roads Financial plc in December 2007 total PS146.4 million (including PS24 million of variation bonds) and are 30 year amortizing index-linked bonds. The bonds were issued at a coupon of 2.267%. In addition, Ambac guaranteed PS121.1 million of European Investment Bank European Investment Bank, nonprofit bank created in 1958 by the six founding countries of the European Economic Community (now part of the European Union [EU]). loans. "Ambac is delighted to continue its role as the leading UK PFI financial guarantor by successfully closing our first project in Northern Ireland," said Ian Dixon, Managing Director of Ambac's European Infrastructure team. "This is the fourth PFI deal Ambac has closed in the last four months and we are pleased that Ambac's involvement in this important new road project delivered an affordable project for the Authority and Amey Lagan Roads Ltd." Ambac Financial Group, Inc., headquartered in 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. , 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 public finance and structured finance obligations, has earned triple-A ratings, the highest ratings available from Moody's Investors Service Moody's Investors Service A leading global credit rating, research and risk analysis firm. Moody's Investors Service A leading firm engaged in credit rating, risk analysis, and research of fixed-income securities and their issuers. , Inc., Standard & Poor's Ratings Services and Fitch, Inc. Ambac Financial Group, Inc. common stock is listed on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. (ticker symbol ABK). |
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