NU Online News Service, July 29, 3:38 p.m. EDT

Standard & Poor's Ratings Services has downgraded municipal bond insurer Ambac Assurance Corp. after the company reported its losses on credit derivatives increased by about $1.6 billion in the second quarter of this year.

New York-based Ambac Financial Group Inc., the parent company of Ambac Assurance, reported Monday that the losses on the credited derivatives increased to $4.9 billion and it expects to report statutory loss and loss expenses incurred amounting to approximately $800 million for the quarter.

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