In the wake of bond insurer Ambac Financial Group's announced decision to suspend efforts to raise capital, Fitch Ratings has downgraded the firm's financial strength ratings.

The downgrades came Friday after Moody's Investors Service announcement Thrusday that it is reviewing the ratings of bond insurer MBIA Insurance Corporation for a possible downgrade.

Fitch aid it has downgraded Ambac Assurance Corp., Ambac Assurance UK Ltd., Connie Lee Insurance Co. insurer financial strength ratings to “double-A” from “triple-A.”

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