Ambac's chief executive complained today that Moody's failed to finish reviewing the company's financial portfolio before issuing a downgrade of the company insurance financial strength.

Yesterday, Moody's Investors Service downgraded New York-based guaranty insurer Ambac Assurance Corp. and Ambac U.K. Ltd., insurance financial strength from "Aa3" to "Baa1."

Moody's said it did so in light of the carrier's "diminished business and financial profile resulting from its exposure to losses from U.S. mortgage risks and disruption in the financial guaranty business more broadly."

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