S&P Comments on Potential Impact of Ambac, MBIA Downgrades

June 13, 2008

Standard & Poor’s Ratings Services has released an analysis of its downgrades of monoline bond insurers MBIA Insurance Corp. and Ambac Assurance Corp. S&P’s report – “Who Will Feel The Downgrades Of MBIA And Ambac, And By How Much-” indicates that there will be “broad ramifications for diverse sectors of the global financial markets.”

“After taking a close look, our analysts expect the effects to vary from sector to sector, as well as within each sector. And while we expect some areas to feel the impact immediately, others will more likely have delayed effect,” explained S&P’s Chief Credit Officer Mark Adelson.

The reports are available to subscribers of RatingsDirect, the real-time Web-based source for Standard & Poor’s credit ratings, research, and risk analysis, at www.ratingsdirect.com. If you are not a RatingsDirect subscriber, you may purchase a copy of the report by calling (1) 212-438-9823 or sending an e-mail to: research_request@standardandpoors.com. Ratings information can also be found on Standard & Poor’s public Web site at: www.standardandpoors.com; under Credit Ratings in the left navigation bar, select Find a Rating, then Credit Ratings Search.

Source: Standard & Poor’s

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